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GBPUSD TECHS

Challenging The 50-Day EMA

SNAPSHOT

Jitters Remain

EURUSD TECHS

Remains In A Tight Range

EUROSTOXX50 TECHS

(U1) Pulling Away From Recent Highs

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  • Net short specs on USD have been falling in recent weeks as uncertainty over the Delta variant has been surging; net short contracts fell by 119.6K in the past month to -26.6K in the week ending July 13, the lowest level since the beginning of April.
  • In addition, the slow vaccination campaign in the EM world combined with the rise in political instability could continue to support the US Dollar against EM currencies in the coming weeks.
  • As the percentage of the population of the population having received at least one dose of the Covid vaccine is much lower in the EM economies, the probability of a renewed period of lockdowns imposed by governments to fight the pandemic has been constantly rising.

Source: CFTC/MNI