Investing.com - The Investing.com weekly sentiment index published on Monday revealed that speculators added to their bearish bets on the euro in the week ending July 24 to extreme levels.
According to the report, 24.8% of investors held long positions in EUR/USD as of last week, compared to 30.7% in the preceding week. A reading below 30% indicates oversold conditions.
Meanwhile, 37.9% of investors were long in GBP/USD, down from 41.4% a week earlier, 51.7% of market participants held long positions in USD/JPY, compared to 50.1% in the preceding week, while 50.4% of investors were long USD/CHF, improving from 48.0% in the previous week.
Amongst the commodity-linked currencies, 54.3% were long USD/CAD, rising from 48.3% a week earlier, 36.6% held long positions in AUD/USD, down from 38.4% in the preceding week, while 29.4% were long NZD/USD, compared to 43.0% a week earlier.
In the commodities market, 48.7% of market participants held long positions in gold futures as of last week, down sharply from 57.0% in the preceding week.
Elsewhere, 31.8% of investors were long the S&P 500 as of last week, up from 26.0% a week earlier.
A reading between 50%-70% is bullish for the instrument, a reading between 30% and 50% is bearish, a reading above 70% indicates overbought conditions and a reading below 30% indicates oversold conditions.
The Investing.com series of indexes is developed in-house. Each index measures overall exposure to major currency pairs, commodities and indexes, using data from futures exchanges and OTC providers on all long and short open positions.