28 Jul 2015
CFTC shows commodity currencies shorter - Rabobank
FXStreet (Guatemala) - Analysts at Rabobank noted a handful of currency's performances of late in accordance to the CFTC report.
Key Quotes:
"Net sterling shorts dropped last week but remain above the levels of late June. While BoE Governor Carney has implied that a rate hike is now within the sights of the Bank, the market is not looking for a move before 2016.
JPY shorts increased last week. However, in light of the renewed pressure on risky assets the JPY could again be in favour this week on the back of safe haven demand.
Although they are off their recent highs, CHF net positions have held above zero since late March on safe haven demand. The threat of further SNB FX intervention is likely to stop longs accumulating too far.
Bearish pressure on both AUD and CAD positions intensified last week with commodities prices falling further."
Key Quotes:
"Net sterling shorts dropped last week but remain above the levels of late June. While BoE Governor Carney has implied that a rate hike is now within the sights of the Bank, the market is not looking for a move before 2016.
JPY shorts increased last week. However, in light of the renewed pressure on risky assets the JPY could again be in favour this week on the back of safe haven demand.
Although they are off their recent highs, CHF net positions have held above zero since late March on safe haven demand. The threat of further SNB FX intervention is likely to stop longs accumulating too far.
Bearish pressure on both AUD and CAD positions intensified last week with commodities prices falling further."