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4 Mar 2013
Forex Flash: CFTC positioning shows USD buying - Societe Generale
Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that CFTC positioning for last Tuesday tell a tale of dollar buying as speculators cut back on ‘risk on’ long positions.
He writes, “The speculative market is now very short CAD, pretty short of GBP too, marginally short EUR, and the only notable longs are in MXN and NZD. For now, the ‘risk bears’ have the upper hand in the FX market, just as ‘risk bulls’ have the upper hand in the equity market We did however, suggest a long CAD/MXN trade in the FX weekly.”
He writes, “The speculative market is now very short CAD, pretty short of GBP too, marginally short EUR, and the only notable longs are in MXN and NZD. For now, the ‘risk bears’ have the upper hand in the FX market, just as ‘risk bulls’ have the upper hand in the equity market We did however, suggest a long CAD/MXN trade in the FX weekly.”