Dollar Shorts Break Records

dollar shorts break record jan 2021

Short selling on the dollar has reached new highs according to Scotiabank, one of Canada’s big five banks. “CFTC data reflected the largest week-to-week turn against the dollar since early-Aug 2020 with the USD’s net short reaching its highest mark on record (in dollar terms) at USD35bn on the back of a USD3.7bn increase in favour of the currencies that we track,” they said in a just published note. The Euro in contrast has seen a rise in longs by $1.8 billion over last week, with this rise apparently due to some shorts closing. Gold is still net long, Scotiabank says, but that bullishness is decreasing in part because many gold investors are diversifying to bitcoin. The dollar has slightly bounced from its big support at 89, the lowest level since March 2018. However its still far off from the lows of the banking crash in 2008 when it dropped…

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