The report below shows levels of open interest in currency futures market. The data is based on Chicago Mercantile Exchange Daily Volume and Open Interest Report. Data provided by the report contains Open Interest from the previous trading day.
Interpretation and analysis � GainForexSignal Team
Euro FX
EUR/USD
Date 27/01/2012
Total Open Interest 306,415
Net Marginal Change -3,410
Marginal Accumulation 179,359
Change in Total OI (%) 79.71
The spot price advanced further today. It is about to close the week above 1.32. In yesterday�s trading euro futures traders dropped another 3,410 transactions. This is a second consecutive day the decline in Open Interest in this market since 6th Jan. Falling OI is an indication of the weakening trend. We expect EUR/USD to gain significantly in coming session. EUR/USD tends to rally or decline during the rollover in Euro options market. The delivery is due with the beginning of each month. I would expect EUR/USD to form a corrective pattern and advance further in February and onwards. Look out for a weekly COT report in order to gauge sentiment.
GBP FUTURES
GBP/USD
Date 27/01/2012
Total Open Interest 188,953
Net Marginal Change 120
Marginal Accumulation -25,837
Change in Total OI (%) -13.7
Cable remained flat in Thursday�s trading. We saw marginal 120 new contracts opened. As expected GBP/USD follows a similar pattern as EUR/USD at the moment. It will close the week above 1.57 mark. We should see more long contracts being created in pound futures in coming days/weeks. After the double decline, averaging 8%, we can call the downtrend completed. Expect GBP/USD to correct. I recommend to buy on dips.
YEN FUTURES
USD/JPY
Date 27/01/2012
Total Open Interest 148,835
Net Marginal Change -1,685
Marginal Accumulation -19,235
Change in Total OI (%) -11.45
The third consecutive day of decrease in yen futures open interest. It has now amounted to 11.45%. As mentioned last week; due to small accumulation since the last decline, yen might be forming the lower (double) top to advance further =USD/JPY decline. As we noticed last week, commercials added over 50% new short yen positions to their portfolio. Higher prices in USD/JPY are favoured.
FRANK FUTURES
USD/CHF
Date 27/01/2012
Total Open Interest 40,242
Net Marginal Change -275
Marginal Accumulation 928
Change in Total OI (%) 2.29
Swissy�s futures after dropping over 7% remains flat. We note drop of 275 transactions. Frank is poised to gain significantly in the coming future. The top in USD/CHF is definitely in place. Expect correction and sell USD/CHF on pullbacks.
AUD FUTURES
AUD/USD
Date 27/01/2012
Total Open Interest 147,612
Net Marginal Change 3,366
Marginal Accumulation 44,952
Change in Total OI (%) 31.22
The Australian dollar remains the favourite market for all long traders. We saw another 3,366 new positions opened. As expected AUD/USD is moving aggressively higher. The money seems to be pouring into this market with no signs of letting go. Current trend remains intact and going strong
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Currency futures