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Forex pairs in this Article » EUR/USD, GBP/USD (Barcelona) - Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotia and her work colleague Eric Theoret, Currency Strategist at the Bank, note how aggregate USD positioning was halved last week, leading up to the FOMC.

Key Quotes

"Shifts in sentiment were biased against the USD following the Summers resignation and heading into Wednesday’s FOMC, with the aggregate long USD position halving to $10.7bn from $21.7bn the previous week."

"AUD, EUR and GBP saw the largest swings — driven primarily by rising gross longs — hinting toward rising bullish sentiment. Most of the majors have moved away from their most extreme bearish levels observed over the past year, with the exception of NZD and MXN."
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