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IMM Positions: USD net shorts on the rise

The latest Commitment of Traders report issued on Friday by the CFTC has signaled a jump in dollar bearishness.

USD net shorts increased from 93,830 contracts on Aug. 16, to 122,654 contracts on Aug. 23 breaching the 100k threshold for the first time in three weeks, according to a report from Royal Bank of Canada. Although IMM data shows dollar bearishness is not as low as it was in the spring, when USD shorts were in just less than 200,000, the DXY index, traded on the ICE exchange, has remained depressed, hovering between 74 and 75 in August.

USD net positions vs DXY index 

 Source: Royal Bank of Canada

After the USD short positions, the GBP and AUD positions were the two biggest movers in the latest report. Net positions in GBP increased from a net short of 3,096 on Aug. 16, to a net long of 10,961 on Aug. 23, a 10-week high. Net longs in AUD rebounded to 43,574 in the latest report, up from 29,723 last week, although still below last month’s highs. JPY net longs still top the table of the major currencies, standing at 47,348, little changed from last week and EUR has moved towards a neutral position from 6,726 to 2,539.

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