This report analyses the performance of non-commercial positioning in FX futures on the Chicago Mercantile Exchange, valuing market sentiment in search of any extreme levels that could represent a risk of significant changes in the spot market.
Net short positioning in the USD increased by USD5.4bn in the week ended 24 September, reversing the change from the prior week. Consistent with the change and level of USD positioning, the US Dollar index fell to multi-month lows during the week as the follow through from the 50bp cut from the FOMC percolated through markets.
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