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Sentiment towards commodity currencies remains bullish - Scotiabank

FXStreet (Córdoba) - According to Camilla Sutton, strategist at Scotiabank, sentiment towards commodity currencies of AUD, CAD and NZD remains bullish, while bearish EUR sentiment has shown signs of stabilization.

Key Quotes

“Sentiment towards the commodity currencies of AUD, CAD and NZD remains bullish; however there has been an interesting turn towards a more neutral stance”.

“In the case of CAD, the gross long position has been cut by 30% over the last month to $1.6bn, warning of a shift away from bullish sentiment; the pattern for AUD and NZD is similar”.

“While bearish EUR sentiment has showed early signs of stabilization, as the gross short position did not increase week‐over‐week and the net long position narrowed slightly to ‐$22bn. The data confirms that there is a hesitancy to build on existing shorts”.

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