Australian dollar speculators get long

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From NAB this morning via the SMH blog comes a chart of last week’s Commitment of Traders report on the Aussie showing that speculators have shifted to net long, from -4.900 to 3300:

PC_wide_14Apr-AUD-shorts

As I’ve said before, it’s the large and small speculators that control the market. With shorts largely washed out it’ll be hard for the currency to move higher in a hurry.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.