US dollar net short bets rose to $8.86 billion from $8.28 billion against the major currencies during the one week period, according to the report of the Commodity Futures Trading Commission (CFTC) covering data up to March 24 and released on Friday March 27. The change in overall dollar position was due to increase in bullish bets on euro while bullish bets on British Pound, Swiss franc and Japanese yen were cut. Australian and Canadian dollars maintained net short positions against the dollar. Bearish dollar bets rose as the Federal Reserve announced it would buy unlimited amount of Treasurys and mortgage-backed securities, and bolster emergency lending facilities. Before that the European Central Bank announced the start of a new stimulus program to buy bonds worth 1.1 trillion euros throughout this year.
CFTC Sentiment vs Exchange Rate
March 24 2020 | Bias | Ex RateTrend | Position $ mln | Weekly Change |
CAD | bearish | positive | -2027 | -1351 |
AUD | bearish | positive | -1507 | 213 |
EUR | bullish | positive | 8281 | 3807 |
GBP | bullish | positive | 802 | -605 |
CHF | bullish | positive | 624 | -337 |
JPY | bullish | positive | 2683 | -1156 |
Total | 8856 |