The CFTC Report-US Dollar Further Builds Bullish Sentiment
The latest report by Commodity Futures Trading Commission (CFTC) covering data up to the 5th of August showed that investors’ built further their positions in favor of the US dollar. The US dollar strengthened after the release of US GDP data. As we can see at the CFTC Sentiment table the bearish sentiment on the Euro further increased and is standing now at $-21.52 billion. That is one of the lowest net bearish positions since July 2012. Moreover, the Euro had the largest weekly negative change among the major currencies at $-3.40 billion. The Japanese Yen came second in negative weekly change. The net short on the Samurai currency rose by $2.67 billion.
Moreover, the Swiss franc also increased its net short position, with the bearish bias strengthening to $2.59 billion. The rest of the major currencies, the Canadian, the Australian and the British pound narrowed their net long position. The US dollar is broadly increasing its net bullish position in that week and that signifies that the greenback has upside potential. The US dollar index touched to 11-month high and its technical pattern also suggest bullish development.