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COT: Hedge funds zoom in on crude, copper, and silver
In the forex market, broad dollar strength continued ahead of Wednesday’s FOMC meeting resulting in a seven-fold increase in the gross dollar long against eight IMM forex futures to USD 7.9 billion. Except the Mexican peso which saw its net long jump to a four-year high supported by a rising carry, the bulk of the dollar buying was driven by a 35% reduction in the EUR long to an October 2022 low at 48.3k contacts. In addition, Bank of Japan’s dovish hike helped trigger fresh short selling of the yen, the AUD net short reached a record high at 107.5k contracts (USD 7 bn equivalent) while the CHF short reached a ... (full story)