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9 Jul 2013
Flash: EUR net positions back to negative ground – Rabobank
FXstreet.com (Edinburgh) - The shared currency keeps marching south on Tuesday, hovering over 1.2770 after briefly dipping to the boundaries of 1.2760. The greenback has resumed its rally after yesterday’s profit-taking session, hurting badly both the euro and the sterling and printing fresh year highs in terms of the US Dollar Index.
According to the last CFTC COT report, Strategist Christian Lawrence at Rabobank commented that the political situation in Portugal was behind the move back to negative ground of EUR net positions. The analyst added, “The market impact, however, soon eased suggesting that there is scope for an improvement in net EUR positions”. Regarding the greenback, Lawrence commented, “After five consecutive weeks of downward movement, USD net longs edged a little higher last week. Price action suggests further gains are likely to be registered in the next set of data”.
According to the last CFTC COT report, Strategist Christian Lawrence at Rabobank commented that the political situation in Portugal was behind the move back to negative ground of EUR net positions. The analyst added, “The market impact, however, soon eased suggesting that there is scope for an improvement in net EUR positions”. Regarding the greenback, Lawrence commented, “After five consecutive weeks of downward movement, USD net longs edged a little higher last week. Price action suggests further gains are likely to be registered in the next set of data”.