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EUR/USD up modestly on Friday, holds onto weekly gains
EUR/USD rose back above 1.0600 in the American session, boosted by risk appetite that weighed on the US Dollar. US stocks are up, heading toward weekly gains. Data from the US showed activity in the Service sector continued to expand at a robust pace in February; ahead of the NFP week, the Employment Index soared unexpectedly.
Equities push higher following ISM data
Stocks have continued their recovery, and seem to be adjusting to the idea of stronger economic data and higher rates, says Chris Beauchamp, chief market analyst at online trading platform IG.
Australian CFTC AUD NC Net Positions Climb on Positive Figures
Positive figures have been released showing Australian CFTC AUD NC Net Positions have climbed from the previous $-30.6K to $-28.1K.
The latest figures, released by the U.S. Commodity Futures Trading Commission (CFTC), indicate that the net speculative Australian dollar position rose from last week’s $-30.6K to $-28.1K for the week ending May 26th. This is the biggest single weekly increase since the week ending April 14th.
The increase in net speculative positions came despite continued weakness in the Australian dollar against the US dollar over the reporting period. The AUD/USD exchange rate fell from 0.772 to 0.768 over the past week, its lowest level since March 2nd.
An increase in net speculative positions can be interpreted as markets becoming more bullish on the AUD, as investors appear willing to trade long positions in the currency. It can also suggest that investors are becoming more comfortable with the current trading range and are betting on further declines in the currency.
Analysts attribute the increase in net speculative positions to a variety of factors, including improved economic data out of Australia, increased expectations of further rate cuts by the Reserve Bank of Australia, and increased demand for higher-yielding currencies.
Overall, the latest CFTC figures indicate that the Australian dollar is gaining momentum and investors are becoming more bullish on the currency. The Australian dollar is expected to remain under pressure over the coming weeks and months, but with these latest figures, the outlook is beginning to look brighter.