Weeks of dollar strength that recently lifted the non-commercial dollar long position against eight IMM futures to near a five-year high showed signs of running out of momentum during the reporting period to 30 April. Despite gaining 0.5% on the week, traders opted – wisely as it turned out – to reduce their dollar long exposure, overall resulting in a 10% reduction to USD 29.4 billion, primarily driven by broad short covering, led by CAD, JPY and AUD. {table} In the latest Commitment of Traders (COT) report, covering the week ending 30 April, several notable trends emerged amidst market fluctuations. This week was ... (full story)