Scotiabank FX Strategy Research comments on the latest IMM report (covering up to Tuesday July 4 and were released Friday July 7).
Overall, ScotiaFX notes that this week’s report showed a deterioration in the USD aggregate and pushing it into bearish territory for the first time since May 2016.
"EUR, AUD, MXN and NZD are held net long, CHF positioning is neutral, and JPY, CAD, and GBP are held net short," ScotiaFX adds.
In particular, ScotiaFX notes that EUR longs outnumber shorts nearly 2:1 as EUR sentiment has improved in 10 of the past 11 weeks and the net long appears set to surpass the $11.1bn multi-year high reached in mid-June.
Source: Scotiabank ResearchOriginal Article
