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The weekly Commitments of Traders (COT) report, released on Friday by the Commodity Futures Trading Commission (CFTC), showed that large futures traders decreased their total bullish bets of the US dollar last week for the first time since April. Prior to last week, total US dollar long positions had increased for four consecutive weeks and to a new highest level since 2008 when Reuters started calculating the total $ amount of positions, according to Reuters.<\/p>\n
Non-commercial large futures traders, including hedge funds and large International Monetary Market speculators, trimmed their overall US dollar long positions to a total of $39.12 billion as of Tuesday June 4th. This was a decline from the total long position of $43.77 Billion registered on May 28th, according to position calculations by Reuters that derives this total by the amount of US dollar positions against the combined positions of euro, British pound, Japanese yen, Australian dollar, Canadian dollar and the Swiss franc.<\/p>\n
See the full COT report & charts here\u2026<\/strong><\/a><\/span><\/p>\n The US dollar\u2019s strength had been cooling off for a few weeks and then sharply crystallized last week as the American currency dropped against the euro, British pound sterling, Japanese yen, Swiss franc and the Canadian dollar. The Australian dollar and the New Zealand dollar continued to take it on the chin in the forex markets as these currencies saw more of the same last week in their steep decline.<\/p>\n This week\u2019s fundamental outlook is highlighted by Japan\u2019s monetary policy and interest rate decision on Tuesday which could provide ammunition to the already volatile Japanese yen pairs. Also on the docket for this week is the New Zealand interest rate decision on Wednesday, Australian employment report and US retail sales on Thursday, then Eurozone consumer prices as well as more data out of the United States coming on Friday. See our latest currency pair commentary & major economic highlights below.<\/p>\n See the full Technical Currency Pairs post and charts here\u2026<\/strong><\/a><\/span><\/p>\n Sunday, June 9<\/strong><\/p>\n Japan \u2014 gross domestic product<\/p>\n Monday, June 10<\/strong><\/p>\n Switzerland \u2014 unemployment rate Tuesday, June 11<\/strong><\/p>\n Japan \u2014 monetary policy statement and interest rate decision Wednesday, June 12<\/strong><\/p>\n New Zealand \u2014 interest rate decision Thursday, June 13<\/strong><\/p>\n Australia \u2014 May employment data Friday, June 14<\/strong><\/p>\n Euro zone \u2014 consumer price index <\/p>\n
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\nUS Dollar lost ground to most majors last week, gained on commodity currencies<\/h2>\n
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\nUpcoming Week\u2019s Economic Events Highlights:<\/strong><\/h2>\n
\nSwitzerland \u2014 retail sales data
\nCanada \u2014 housing starts<\/p>\n
\nUnited Kingdom \u2014 NIESR GDP estimate<\/p>\n
\nUnited Kingdom \u2014 employment data<\/p>\n
\nSwitzerland \u2014 producer price data
\nUnited States \u2014 retail sales data
\nJapan \u2014 Bank of Japan minutes
\nUnited States \u2014 weekly jobless claims<\/p>\n
\neuro zone \u2014 employment data
\nUnited States \u2014 University of Michigan confidence survey
\nUnited States \u2014 current account
\nUnited States \u2014 producer price index<\/p>\n