{"id":2202,"date":"2017-08-07T09:27:47","date_gmt":"2017-08-07T15:27:47","guid":{"rendered":"http:\/\/www.ctsfutures.com\/?p=2202"},"modified":"2017-08-07T09:30:24","modified_gmt":"2017-08-07T15:30:24","slug":"morning-thoughts-2017-08-07","status":"publish","type":"post","link":"https:\/\/udg.ehs.mybluehost.me\/morning-thoughts-2017-08-07\/","title":{"rendered":"Morning Thoughts – August 7"},"content":{"rendered":"

<\/a>Financials<\/u><\/strong> –
\nThis morning price action just seems to be more of the same.\u00a0 The DX is weaker again and the euro is stronger.\u00a0 The only economic data out of Europe overnight appears to be German industrial production, which unexpectedly fell.\u00a0 The euro has shaken off that data to rally further.\u00a0 The dollar has quickly fallen out of favor among traders in the past month.\u00a0 The chart on the following page shows the combined managed money net position of the key FX futures at CME.\u00a0 This includes EC, JP, SF, CD, AD, and BP.\u00a0 The higher the figure moves, the more net short the market is leaning against the dollar.\u00a0 As you\u2019ll see from the chart, the total positioning against the dollar is now near its largest level since early last year and is relatively \u201celevated\u201d in general.\u00a0 Friday\u2019s solid NFP bounce in the DX allowed it to back off from a major technical breakdown, but obviously the market in general is not optimistic towards the dollar\u2019s chances here.\u00a0 With the debt ceiling issue looming ahead, I can\u2019t say I\u2019m optimistic either.<\/p>\n

\"Combined<\/p>\n

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