The CFTC Report- Euro Net Long Moderates

The latest report by Commodity Futures Trading Commission (CFTC) covering data up to the 22nd of April showed that the investor’s bias for the most of the currencies remains the same although the weekly sentiment has changed for some of the currencies. The Euro bullish bias weakened against the US dollar that week. The Euro weekly change has been the largest negative change among major currencies. At the same time the Japanese Yen negative bias declines for one more week but continues to be the largest net short position at minus $8.20 billion. Moreover, the Australian dollar had the greatest weekly positive change of $0.78 billion.

Furthermore, the British pound was the second one with the largest negative weekly change against the US dollar. Bullish bias moderated slightly with the net long decreasing to $5.03 billion amid key resistance at 1.6841 urging the currency pair in sideways. However the GBP maintains the biggest net long position among major currencies.

Lastly, the Canadian and the Swiss franc did not change much as Easter holidays kept the volume of trading low. We would expect to see the Australian dollar to continue its building toward the bullish side while should the British pound manage to rise above 1.6841 the positive bias will resume.