EBC Daily Snapshot May 27, 2024
EBC Forex Snapshot
27 May 2024
The dollar made a steady start to the week on Monday, as markets were focused on a slew of upcoming inflation data. Bullish sentiment on the dollar is rapidly receding amid signs the US economy is cooling.
While leveraged funds still held bullish wagers on the greenback last week, asset managers among the group held a net short position for the first time in six weeks, CFTC data showed.
Investors have been chasing income and selling low yield currencies such as the yen and Swiss franc. The latter currency has been weak all year, trading not far from the multi-month low hit earlier this month.
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