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FX Positioning: No signs of the US dollar short-squeeze
The USD just ended its best week since April as new Covid-19 waves and lockdowns raised concerns about the pace of the global economic recovery. The ultra-short dollar positioning was a first glance factor fueling the USD rally through significant trimming of USD shorts. Still, CFTC positioning data (which refer to the week ending 22 September) show no signs of this dynamic (figure below). It is worth noting that this CFTC report only covers until 22 September, which partly explains why the move is not evident. Still, the USD did jump fiercely on 21 and 22 September. It would not be the first time that the CFTC ... (full story)
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