The once high-flying US dollar has had a year to forget in 2017. Irene Cheung and Rini Sen, currency strategists at ANZ, said that the US dollar was sold off aggressively against all major currency pairs last week, lead by continued buying of the euro. "US dollar selling in the week was broad based, with the most against the EUR," the duo wrote in a note released on Monday. "Funds added $US2.3 billion to take their net long EUR position to $US3.6 billion, the second consecutive week of net buying and the biggest long position since May 2014. "Along with the euro, traders also continued to pile into commodity currencies such as the Canadian and Australian dollars, recording net buying for a seventh and ninth week, respectively.

Source: Economic Times August 15, 2017 06:56 UTC