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CFTC positioning data for the week of 19-25 February showed speculators adding shorts in the euro and Japanese yen, with JPY net positioning dropping by nearly 12% of open interest to -25%. The yen had jumped toward 112 per dollar amid coronavirus fears and a strong dollar, and large short positions were likely squeezed as equities fell.
Currency positioning shifts move the dollar and the real-value of US-denominated feed commodity exports priced in foreign currencies, so shifts in yen and euro strength can affect import demand from Japan and Europe.
think.ing.comFrancesco PesoleMar 2, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
