Dollar shorts have thrown in the towel
Oct 28 (Reuters) -Speculators who shorted the U.S dollar have thrown in the towel. There is a good chance we see further greenback gains in the days and weeks ahead as the technical outlook remains positive.
The speculative position - derived from net contracts of International Monetary Market speculators in the euro, yen, pound, Swiss franc, Canadian and Australian dollars - switched. For the week ending Oct. 22, the value of net positions held by speculators flipped to a $9.78 billion long from near $820 million short a week earlier.
The USD index, which tracks the dollar against a basket of six major currencies, has scope for gains to the 104.719 Fibo, a 76.4% retrace of the 106.13 to 100.15 (June to September) drop.
That after it registered its fourth straight weekly gain on Friday as data kept interest rate expectations for the Federal Reserve in check while investors looked towards the looming key payrolls report.
For more click on FXBUZ
Speculative Position Chart: https://tmsnrt.rs/48mJkus
Weekly Chart: https://tmsnrt.rs/4e6bpaG
Daily Chart: https://tmsnrt.rs/4e6Oyf3
Martin Miller is a Reuters market analyst. The views expressed are his own, editing by Ed Osmond
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