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IMM Currency Specs Record Short of Euro
Monday, February 22, 2010
by Paul Kavanaugh of PFGBest
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CFTC data released Friday February 19th showed currency speculators increased long positions on the US dollar from $9.41 billion to $9.69 billion in the week ending February 16th, according to Reuters News. This represents the highest level since September 2008. In addition the data shows the net short positions in the Euro rose to 59, 422 is the highest since its inception. Also significant is the size of the net short positions in the Pound Sterling of 56,079, where hedge funds and other large speculators on the short side outnumber longs by 5 to 1. Speculators maintained net longs in the Aussie and better than doubled net longs in the Canadian dollar over the same period. Since their peaks in late November 2009, the Euro has declined by 11.2% and the Pound has shed 9% of its value relative to the US dollar. These currencies will likely continue to be pressured as sovereign debt concerns of its members (especially Italy with the regions second largest debt) as speculators move to the safety of the US, Canadian and Australian dollars while selling Euro Zone currencies. Contact me directly for more information including short term currency trade ideas, a 2010 FX Product Guide and Calendar or to discuss the trading services PFGBEST can offer you today! Skype ID pfgpauly; Email pkavanaugh@pfgbest.com; or just call 1.888.439.6033. Commitments of Traders (COT) Data as of February 16th. (For each commodity, the COT reports provide information on the size and the direction of the positions taken, across all maturities, by three categories of futures traders) JAPANESE YEN (Contracts of 12,500,000 yen) 2/16/10 week 2/09/10 week Long 35,691 41,352 Short 21,779 18,956 Net 13,912 22,396 EURO (Contracts of 125,000 euros) 2/16/10 week 2/09/10 week Long 34,459 34,867 Short 93,881 92,019 Net -59,422 -57,152 POUND STERLING (Contracts of 62,500 pounds sterling) 2/16/10 week 2/09/10 week Long 13,922 14,012 Short 70,001 66,768 Net -56,079 -52,756 SWISS FRANC (Contracts of 125,000 Swiss francs) 2/16/10 week 2/09/10 week Long 10,763 9,219 Short 15,430 16,115 Net -4,667 -6,896 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) 2/16/10 week 2/09/10 week Long 35,026 24,285 Short 11,571 15,422 Net 23,455 8,863 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) 2/16/10 week 2/09/10 week Long 43,315 44,346 Short 16,312 16,740 Net 27,003 27,606 
Recent articles from this author
- IMM Currency Specs increased long Australian dollar, latest CFTC data shows - Tuesday, February 07, 2012
- IMM Currency Specs increased short Euro bets to record levels, latest CFTC data shows - Tuesday, January 31, 2012
- IMM Currency Specs Increased Net Short Euro Bets to Record High Levels, latest CFTC data shows - Tuesday, January 31, 2012
- Large Specs Cuting Net Short Swiss Franc Bets, Latest CFTC Data Shows - Tuesday, January 24, 2012
- IMM Currency Specs Increasing Net Long Japanese Yen Bets - Wednesday, January 18, 2012
About the author
Paul Kavanaugh is a Commodity Broker, Analyst and Trading Strategist with over 17 years of experience educating and offering services to individual investors. He specializes in risk management that helps clients tap the leverage available in the commodity futures markets. He joined PFGBEST in 2005 from Vision/Whitehall/Super Fund Financial Group where he served for three years. Before that he was with MF Global and its predecessor firm Fox Investments/RCG. For more than 14 years, Mr. Kavanaugh has published a daily newsletter, The Trendsheet, which focuses on current technical and seasonal analysis of various markets. It is available for all customers and prospects at www.pfgbest.com/research. His currency market expertise spans his entire career, from his start as industry celebrity Jake Bernstein’s broker from 1993 to 2000. There, Mr. Kavanaugh learned the specific methods he teaches and trades today. His courses are available through PFGBEST webinars, and he has often provided live weekly market commentary from the trading floor of the Chicago Board of Trade and he has created and conducted technical analysis web seminars for various Chicago exchanges. His television appearances are frequent and varied. For a number of years, he was a market commentator for local Channel 26 live from the exchange floor as part of the programming for "Stock Market Observer" with emphasis on the impact of foreign exchange and other economic factors driving overall financial market moves. Mr. Kavanaugh earned his Bachelor’s in Economics from Albion College in Michigan and immediately began trading and brokering in futures upon graduation. He is also a registered Commodity Trading Advisor (CTA). Paul Kavanaugh
Sr. Currency Markets Analyst Phone: 1-888-439-6033
Email: pkavanaugh@pfgbest.com PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect® platform, and numerous other platforms and applications
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