The US Dollar (USD) net long positions have decreased for the first time in six weeks, the Euro (EUR) positions have turned net short for the first time in 7 weeks, and the Pound Sterling (GBP) net long positions have decreased for the second week in a row, Rabobank FX analysts note.
“USD net long positions have decreased for the first time in six weeks, driven by an increase in short positions. On June 27th, US personal consumption for Q1 was revised down from 2.0% to 1.5% and continuing jobless claims registered their highest level since November 2021. On June 28th, US PCE printed in line with expectations, registering 0.0% m/m and 0.3% y/y.”
“EUR positions have turned net short for the first time in 7 weeks, driven by an increase in short positions. Investors are anxiously awaiting the French parliamentary elections on June 30th.”
“GBP net long positions have decreased for the second week in a row, driven by a decrease in long positions. The BoE released its decision to maintain the bank rate at 5.25% as was unanimously anticipated by Bloomberg surveyed economists. However, some policymakers said their decision was finely balanced.”