Dollar bearish bets increase continued on mixed US reports

June 29, 2020

By IFCMarkets

US dollar net short bets rose to $16.93 billion from $15.69 against the major currencies during the one week period, according to the report of the Commodity Futures Trading Commission (CFTC) covering data up to June 23 and released on Friday June 26. The significant increase in Pound bearish bets as the Bank of England left interest rates unchanged at 0.1% but increased its bond buying by £100 billion ($125 billion) were offset by decrease in bearish bets on Canadian dollar and increase in yen bullish bets. Euro bearish bets changed little as European Union’s 27 governments started negotiations over a proposal for a 750 billion euro ($841 billion) recovery fund. The Pound, Canadian and Australian dollars maintained net short positions against the dollar. The bearish dollar bets rose as US initial jobless claims rose above-expected 1.5 million the previous week while Chicago Fed’s national activity index recovered in May – indicating expanding economy.


CFTC Sentiment vs Exchange Rate

June 23 2020 Bias Ex RateTrend Position $ mln Weekly Change
CAD bearish negative -1538 344
AUD bearish negative -333 116
EUR bullish negative 16835 348
GBP bearish negative -1448 -191
CHF bullish negative 192 -19
JPY bullish negative 3223 648
Total 16931

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