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IMM Currency Specs Increasing Bets Short Euro
Tuesday, March 16, 2010
by Paul Kavanaugh of PFGBest
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CFTC data released Friday March 12th showed currency speculators decreased the net long position on the US dollar from $5.58 billion to$3.99 billion in the week ending March 9th, according to Reuters News. In addition, large specs increased their short positions to yet another record high since the inception of the Euro in 1999.
Other significant changes from the last report include specs decreasing net longs in the Yen, decreasing the very large net short sterling positions only slightly, and nearly doubling the net long positions in the Canadian dollar to above the net long Australian dollar positions.
The FOMC meets today March 16th, and is widely expected to keep the benchmark interest rate unchanged until November, according to a Bloomberg News survey of economists earlier this month.
JAPANESE YEN (Contracts of 12,500,000 yen)
3/09/10 week 3/02/10 week
Long 51,919 57,332
Short 25,631 24,780
Net 26,288 32,552
EURO (Contracts of 125,000 euros)
3/09/10 week 3/02/10 week
Long 32,589 35,894
Short 107,140 102,664
Net -74,551 -66,770
POUND STERLING (Contracts of 62,500 pounds sterling)
3/09/10 week 3/02/10 week
Long 10,417 13,862
Short 73,890 81,411
Net -63,473 -67,549
SWISS FRANC (Contracts of 125,000 Swiss francs)
3/09/10 week 3/02/10 week
Long 10,727 11,508
Short 15,872 17,818
Net -5,145 -6,310
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
3/09/10 week 3/02/10 week
Long 71,350 47,170
Short 9,951 8,881
Net 61,399 38,289
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
3/09/10 week 3/02/10 week
Long 69,885 59,106
Short 8,600 10,345
Net 61,285 48,761
If you would like more information or would like access to our trade ideas, give us a call at 1-888-439-6033 or email pkavanaugh@pfgbest.com...
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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