Investing

The continued build of short currency futures positions characterizes the changes in the speculative positioning.  All the currency futures we track saw an increase in gross short positions. This is what drove the large net short positions.  One thing this...

The US dollar broadly consolidated its recent gains over the past week.  Data and officials mostly confirmed what most investors had already anticipated.  The Federal Reserve is most likely to hike rates in the middle of December. The ECB will...

In the Commitment of Traders reporting week ending November 10 covers the few days before the US employment data and a few days after.  Speculative participants made five significant (10k contracts or more) adjustments to gross positions in the currency...

This Great Graphic, created on Bloomberg, shows the recent price action of the Australian dollar.  For the past month, corrective upticks have held a trendline.  It comes in near $0.7150 today and a little below $0.7115 by the end of...

The latest leg down for the euro began in mid-October when the single currency met a wall of sellers in front of $1.15.  Draghi's dovishness at the press conference following the October 22 ECB meeting sent the euro toward $1.11. ...

The IMF will decide this month whether to make the Chinese renminbi the fifth international reserve currency. For the euro, that would not be a win or lose game. Behind the facade, there has been much debate about the inclusion...

There were three significant speculative gross position adjustment among the currency futures in the Commitment of Traders reporting week ending November 3.  They were all expanding the gross short positions. Speculators added 30.9k contracts to lift the gross short euro...

Sometimes the mountain peak is clearer from the valley than from the summit.  It may be easier to understand the changes in China’s currency regime if we take a step away and try to look at the big picture.  To...

Of the world’s two largest international financial centers, London is warming up to the renminbi, but Wall Street is running behind.  Recently, the former mayor of New York City Mike Bloomberg congratulated President Barack Obama and President Xi Jinping for...

The US dollar fell against most of the major and emerging market currencies for the second consecutive week.  The combination of market positioning, weak confidence that the Fed will hike rates this year, and the rise in some industrial commodities,...

The US dollar has exhibited one of the most impressive trends that the currency market has seen over the last year, as the greenback has risen close to parity relative to the euro on several occasions.  Since the dollar maintains...

This is the sixth consecutive session the Canadian dollar is appreciating.  The US dollar reached an 11-year high on September 29 near CAD1.3460.  Today it traded to almost CAD1.2970.  There have been four main drivers of the Canadian dollar advance. ...

The US dollar begins the fourth quarter on a mixed note.  The dollar-bloc currencies are trading higher, helped by stabilizing commodity prices and the slightly better than expected Chinese manufacturing PMI (49.8 vs 49.6 expected after 49.7 in August).  Australia's...

When you begin to delve into the question of what money really is, you must prepare for some metaphysics. Money, currencies, and other such media of exchange differ markedly in their backgrounds and means of operation, and have changed quite...

The US dollar rose against all the major and emerging market currencies over the past week, save the Russian ruble, which gained about 1.5%.  Comments from several Fed officials, and most notably Yellen, drove home the message, which arguably was...