Speculative traders in IMM currency futures were major buyers of dollars during the week ending February 26. The Italian election result and a slump in commodity prices hurt currencies from EUR to the AUD and CAD. Together with weak manufacturing data in the UK, this led to the biggest weekly jump in gross dollar longs in more than five years. As the table below shows, the dollar buying was widespread with only the JPY seeing a small amount of net buying despite seeing some decent strength against both the dollar and euro.
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