Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Head of Commodity Strategy
To download your copy of the Commitment of Traders: Forex report for the week ending August 14, click here.
To download your copy of the Commitment of Traders: Financials report for the week ending August 14, click here.
Speculators increased the dollar long against nine IMM currency futures by $1.6 billion to $23.9bn in the week to August 14. This the most bullish dollar exposure in 20 months has led to short positions now being held in all but two of the nine contracts.
The increase was primarily driven by continued selling of 10-year notes and T-bonds Ultra, both of which reached a new record short. This came despite bond yields move lower in response to the deteriorating outlook for Turkey and other heavily indebted emerging market economies.