January 10th CFTC Report

The CFTC Report was released yesterday.  Here is a summary of what has changed from 2006-01-03 report:

• Crude Oil long positioning increases by 13,467
• CAD loses open interest and long positions by 13,121.  Short positions only increase by 249
• CHF gains minor open interest  but 9,136 more long positions as opposed to a loss of 7,135 short positions
• GBP loses 6,200 short positions and gains 4,048 long positions
• JPY gained 11,244 open interest with a long positioning increase of 8,280 long.  Short positioning increases by 3,072.
• EUR long positions increase 6,083.  Short positions decrease by 4,647
• AUD long positions increase 5,587.  Short positions decrease by 9,037.

The obvious trend here is to short the USD.  The EURO already has more long positions than short and has since December.  The AUD has had a predominance of long positions all of last year and this trend continues.  The CHF and GBP are at key levels as there is a balance of short/long positions.  Look for this to change next week as they look to push L/S ratio past the 50.0 mark.  The JPY remains short but the trend is changing and can best be viewed by looking at 1 year position graph,

http://www.forexproject.com/phplot/currency_pos.php?code=97741

You can view this full report at http://www.forexproject.com/Forex_Volume/

In addition, open interest as a whole decreased between 2006-01-03 and 2006-01-10 indicative of the lower volume exhibited in the Forex market over the last week. 

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