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Thomson Reuters
Sep 27 - 03:48 PM
EUR/USD - COMMENT-IMM: EUR/USD Gains May Cloud Overall Dollar Picture
First appeared on eFXplus on Sep 27 - 11:40 AM

While some interpreted the Fed's statement, which called to a close the era of accommodative policy nW1N1VP029 , as hastening the end of the tightening cycle, the U.S. yield advantage should keep long dollar positioning strong.
But near-term positioning data, such as Friday's CFTC release might not fully reflect this due to recent gains in EUR/USD, which dominates the dollar index. The net G10 dollar longs are likely to have fallen due to the DXY's 0.43 percent slide over the September 19 to 25 reporting period, but the index rebounded 0.58 percent over the last 2 days.
Drilling deeper, EUR/USD long positioning likely outstripped other pairs in the latest reporting period, as the EUR/USD gained 0.84 percent, surpassing 1.18 for the first time since June.
In the broader picture the dollar remains rangebound, and net all USD IMM positioning (NETUSDALL=) has been stuck in a band of long $20 to $25 billion since the July 20 report.
Without a break of EUR/USD's June-September 1.1850-1.1301 range, dollar positioning and sentiment are unlikely to move significantly in either direction.

Majors over last IMM period: Click here

EUR and EUR/USD IMM positioning: Click here

Thomson Reuters IFR Markets


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