The US Dollar (USD) net long positions have edged up for the first time in 4 weeks. The Euro (EUR) net long positions fell back after the surge the previous week. The Pound Sterling (GBP) net long positions have plunged for a third week in a row, and the Japanese Yen (JPY) net positions have pushed into positive ground for the first time since 2021, Rabobank’s Senior FX Strategist Jane Foley and Cross-Asset Macro Strategist Molly Schwartz notes.
JPY pushes into positive ground for the first time since 2021
“USD net long positions have edged up for the first time in 4 weeks, driven by an increase in long positions. Better US economic data have provided reassurance that the market was priced for too much easing from the Fed during its mini panic earlier this month. The market is now awaiting the appearance of Fed Chair Powell at the Jackson Hole event on Friday.”
“EUR net long positions fell back after the surge the previous week. The market continues to focus on the ECB policy signals but the single currency has largely shaken off budget pressures in various Eurozone countries this year. ECB Chief economist Lane is due to speak at Jackson Hole on Saturday.”
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