Forex Weekend Update & Outlook: USD Specs bets up to $43.77 Billion
The weekly Commitments of Traders (COT) report, released on Friday by the Commodity Futures Trading Commission (CFTC), showed that large futures traders continued to add to their total bullish bets of the US dollar again last week. Total US dollar long positions have risen for four consecutive weeks and are at a new high level since 2008 when Reuters started calculating total amount of positions, according to Reuters.
Non-commercial large futures traders, including hedge funds and large International Monetary Market speculators, raised their overall US dollar long positions to a total of $43.77 billion as of Tuesday May 28th. This was an increase from the total long position of $41.0 billion registered on May 21st, according to position calculations by Reuters that derives this total by the amount of US dollar positions against the combined positions of euro, British pound, Japanese yen, Australian dollar, Canadian dollar and the Swiss franc.
See the full COT report & charts here…
US Dollar had Mixed Week vs Major Currencies
The US dollar had mixed results last week against the other major currencies in the foreign exchange trading markets. The greenback continued its ascent against the commodity currencies (Australian dollar, New Zealand dollar, Canadian dollar) while falling against the European currencies (euro, British pound sterling, Swiss franc) and also declining against the Japanese yen for a second straight week.
This week’s fundamental calendar is full of important economic events with a major focus on Friday’s US nonfarm payrolls report while there is also three interest rate decisions (Australia, euro zone, United Kingdom) for the markets to digest.
See the full Technical Currency Pairs post and charts here…
Upcoming Week’s Economic Events Highlights:
Monday, June 3
United States — ISM manufacturing
China — PMI
Australia — retail sales
Tuesday, June 4
Australia — interest rate decision
Australia — current-account
United States — US trade balance
Wednesday, June 5
Australia — GDP report
euro zone — GDP report
United States — ISM nonmanufacturing
Thursday, June 6
UK — Bank of England — interest rate decision
euro zone — European central bank — interest rate decision
Friday, June 7
United Kingdom — trade balance
Germany — trade balance
United States — nonfarm payrolls report
United States — unemployment rate
Canada — employment change and unemployment rate
See our full economic calendar for more events.
