marctomarket.com / by Marc Chandler / May 21, 2017
In the Commitment of Traders reporting week ending May 16, speculators in the futures market made three significant adjustments in the currency futures.
First, they continued to accumulate a large short yen position. The bears added 23k contracts to their gross short yen position to lift it to 102k contracts. This is the highest in two months and the largest build in five months. The net short yen position swelled to 60k contracts from 36.3k.
Second, speculators continued to cover short sterling exposure. It is the fourth week consecutive week gross short were reduced. They covered 10.3k contracts in the most recent reporting period, bringing the gross short position to a still substantial 81.4k contracts. Recall that as recently as the end of April the bears were short 146k contracts. In the past two reporting period, 54k short contracts were bought back, the largest two week move in six years. The net short position of 33k contracts is the smallest since the referendum last June.
Read more ... source: The Bitcoin Channel
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