EURO: There is only one item of note for the Euro this week.
On Tuesday we the German ZEW Economic Sentiment figure which is expected to come in at 6.8 from last month’s figure of 12.1.
COT data for the Euro shows that large commercials very slightly increased their net long position from 102,410 to 108,507. We maintain our position of SLIGHTLY BULLISH.GBP: We start the week of on Tuesday with the release of CPI which like last month is anticipated to come in at 0.0%.
COT data for GDP shows that large commercials increased their net long position from 11,414 to 18,888. We move from NEUTRAL to SLIGHTLY BULLISH. YEN: There is little in the way of any newsworthy items this week for the YEN bar the Monday release of the Monetary Policy Meeting Minutes.
COT data shows that large commercials reduced their net long position from 32,538 to 30,758. We maintain our NEUTRAL stance.AUD: We start on Monday with the NAB Business Confidence figure.
CNY: Only one item of note for the CNY this week which takes place on Tuesday when we see the Trade Balance figure which is expected to fall from last month’s 60.2Bn to 47.8.
There is no COT data for the CNY.
S&P500: The recent fall in the S&P has seen large commercials move their positions dramatically over the last three weeks. Last week large commercials increased their net long position substantially from 66,131 to 156,749. This is a 52 week high. We therefore have to continue to be BULLISH.
GOLD: Large commercials slightly increased their net short position slightly from 73,143 88,469. This is not a material move and we therefore maintain our stance of SLIGHTLY BULLISH.
SILVER: Large commercials have substantially increased their net short position from 30,106 to 49,502 which is fast approaching the largest 52 week net short achieved in the third week of May at 62,485. We therefore amend our stance from SLIGHTLY BEARISH to BEARISH in the short term.THOUGHTS FOR NEXT WEEK
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