Today US Empire State index; Tomorrow Japan Q1 GDP

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Market Recap
No market recap section today.

Commitments of Traders CoT report

Specs once again increased their short USD position. This week most of the action in absolute terms was in EUR, which is somewhat unusual as thats been pretty quiet recently. The rest was mostly GBP and CAD, with a little AUD and NZD. On the other hand, the increased their short MXN positions and went from flat CHF to short.

Hedge funds also increased their short USD positions, including flipping from short EUR to long EUR. Here though they decreased long AUD and increased short JPY.

Specs increased silver longs, but gold longs were once again pretty much the same.

Todays market

Note The table above is updated before publication with the latest consensus forecasts. However, the text charts are prepared ahead of time. Therefore, there can be discrepancies between the forecasts given in the table above and in the text charts.

The Swiss sight deposits suddenly got interesting last week, when they jumped by CHF 3.6bn. That was the biggest change in either direction since last July, when, as the graph shows, EURCHF was a lot lower 1.0629 vs 1.0955 last week. Perhaps the Swiss National Bank is trying to keep the pair above 1.10?

Canadian housing starts are expected to fall back after last months record pace. Still, the trend remains upward. The market estimate of 290k is above the sixmonth moving average of 274k. As the Bank of Canada said after its April meeting, Housing…

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