US Dollar in Neutral, GBP/USD The Largest Bull Bet - COT Report
2021-04-20 10:40:00
Justin McQueen,
Analyst
USD Contrarian Properties Fade as Short Squeeze Stabilises
GBP/USD Remains the Largest Bull Bet
Overall Positioning Changes Muted
US Dollar in Neutral, GBP/USD The Largest Bull Bet - COT Report
In the latest CFTC reporting week, the USD short squeeze had begun to stabilise, which has subsequently coincided with the greenback’s outperformance being faded. Alongside this, with the USD in neutral territory, it now holds little contrarian properties to dictate price action. Elsewhere, positioning changes had been muted in the Euro, which saw a slight pullback in net longs by $100mln and with a z-score of 0.44 (over a 3yr lookback), positioning is no longer at extreme levels. Across the commodity currencies (AUD, CAD, NZD), positioning changes had been muted across the board.