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Sep 08 - 07:55 AM

EUR/USD - COMMENT-Speculators May Lack Firepower To Break EUR/USD Trend

By Jeremy Boulton  —  Sep 08 - 05:42 AM

It took 30 billion dollars to dent EUR/USD's uptrend and it will probably take far more to break it.
Given the extremes of betting in the past decade, it's unlikely speculators have that amount of firepower.

EUR/USD traders have slashed the 31.3 billion dollar record bet they staked on the pair rising last year.
The impact of that big change initially slowed EUR/USD's rise from around 1.2000 and eventually saw the pair meet the criterion for the minimum technical correction at 1.1695 in August this year.

EUR/USD is only slightly below 1.2000 now so has been little changed by the unwind of the largest ever bullish bet that leaves the pair in the grip of powerful uptrend. nL1N2QA0K4

The largest short position is a similarly sized $30.3 billion and was established at the height of the euro zone crisis.

It's hard to envisage a situation that fuels betting greater than $30 billion and that sum has changed little, let alone the trend.

For more click on FXBUZ

EUR/USD bets Click here

Refinitiv IFR Research/Market Commentary


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