Monday, 14 July 2014

Specs Continue to Sell the Euro and the Yen Against the USD

The latest COT Report dated July 8, 2014 reveals specs remain bearish in the euro and the yen.  The net short spec position in the euro is up to 101.5K contracts, the largest short position yet.

In the yen, specs had been covering their short but in the past period, they reversed this tactic.  In this period, they added about 12.5K, taking their short back up to almost 88K contracts.  The other large spec position is in the pound where they have been long.  Recently, specs have been getting out of some of their longs.

Since the middle of May 2014, specs have been getting long the so-called commodity currencies.  This position grew to a record 78.8K contracts this past week.  The big increase during the period was in the C$ which went up to 22.5K long, but the NZ$ also increased to 14.8K.  We note the OI in the NZ$ is almost the size as the venerable Swiss Dollar contract.  Only in the A$ did the specs reduce their longs.

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Saturday, 12 July 2014

Poor Canadian Employment Numbers Jolt the Loonie

Finally, the Canadian Dollar futures specs, after holding short positions in the loonie for over a year, migrated to the long side, only to be betrayed by some poor employment numbers.  The trade was anticipating 20K new hires for the month, but the loss of 9.4K jobs shocked the market. 

For the C$, which had recently appreciated from 1.09 versus the USD to 1.0620, the market was unprepared.  Quickly, the USDCAD raced from 1.0630 past the 1.07 handle.  The market acted like some of the new C$ bulls lost conviction and bailed from their positions.

Click to Enlarge 4-Hour USDCAD Currency Chart
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Tuesday, 1 July 2014

Excel Markets Trading Hours for Metals on Independence Day

Please note that the trading time of certain financial instruments on US Independence Day, Friday 04 July 2014 – outside of US – will run as follows:

CFDs on Metals
Gold, Silver : Closed from 19:45 Server Time (UTC +3)

All other financial instruments will be unaffected by the changes and will be available for trading during normal trading hours.

It is recommended to close out positions on Metals as there is increased chance of volatility and stop losses may easily be hit.

Normal Opening resumes on Monday, 07 July, 01:00 Server Time (UTC +3)

If you have any questions or concerns regarding this matter please contact

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