Archives of “April 11, 2020” day

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CFTC commitments of traders: EUR longs remain the largest position

  
Analysis, Forex

Forex futures positioning data for the week ending April 7, 2020

  • EUR long 80K vs 74K long last week. Longs increased by 6k
  • GBP long 4K vs 5K long last week. Longs trimmed by 1K
  • JPY long 22K vs 18K long last week. Longs increased by 4K
  • CHF long 6K vs 5K long last week. Longs increased by 1K
  • AUD short 35k vs 31K short last week. Shorts increased by 5K
  • NZD short 15K  vs 16K short last week. Shorts trimmed by 1K
  • CAD short 24k vs 22K short last week. Shorts trimmed by 2K

Prior week report can be found here.

The EUR remains the largest position and continued to get larger (by 6K) and was also the largest change in position of the major currencies.  The EURUSD did correct higher during the week from the lowest level since March 25th
The 2nd largest position is a 35K short in the AUD. The AUD position was not so fortuitous as the AUD corrected higher in trading this week.
The other changes in positions were 4k or less in the current week.
Forex futures positioning data for the week ending April 7, 2020

Pres. Trump: Mexico committed to do 100 K fewer barrels

  
  Analysis
  • Mexico committed to do 100 K fewer oil barrels
  • US will help Mexico along, be reimbursed later
  • He sees oil issues working out eventually
  • Seeing signs aggressive steps saving lives
  • Thinks US will be substantially under 100K deaths
  • Don’t think LA will need all hospital beds being built
  • Number of new cases nationwide flattening
  • Data suggest may be nearing peak in US
  • Must keep supply chains moving amid virus
  • US will be helping his farmers
  • Getting very few calls from governors needing supplies
  • More than 2 million coronavirus tests have been completed in the US
  • Stock market increase shows there is pent-up demand
  • oil is being overproduced before virus affects
  • he agreed to pick up some of the slack Mexico cut oil output
  • US would make up the difference by cutting some US production
  • Mexico will make it up at a later date perhaps in a different form
  • Not going to reopen economy until we know Americans will remain healthy
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