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The CFTC Report- British Pound Net Long Builds Further
The British pound has the highest net long position standing now at $6.05 billion and also had the biggest weekly positive change by $0.77 billion. The GBPUSD violated key resistance at 1.7059 and climbed to a new 5 year peak at 1.7178. The British pound also has the largest Long/Short ratio which confirms the strength of the bulls. Next, was the Canadian dollar strengthening by $0.75 billion for the week ending on 1st of July with it position turning to positive territory and standing at $0.25 billion. The USDCAD had a strong downward trend as the greenback demand was lowering on weaker than projected data during that week. Recently the greenback against the Canadian draw support line at 1.0630.
Furthermore, the bullish side the Australian dollar built higher with the weekly change growing by $0.55 billion and the net long standing now at $3.690 billion. The Aussie now holds the second largest Long/Short ratio. The AUDUSD pair peaked at the 1st of July at 0.9500 but then declined and for that reason we expect reduction of the net long on the following week report. The Japanese Yen positive weekly change of $1.51 billion moderated the net short to $7.22 billion on that week. The Japan’s increasing CPI and positive retail sales during the week ending on 1st of July triggered some speculation that the Bank of Japan would become tighter and that underpinned the Samurai currency.
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