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 December 4.
According to the report, 27.1% of investors held long positions in EUR/USD as of last week, down from 29.8% in the preceding week. A reading below 30% indicates oversold conditions.
The euro surged last week after the latest easing measures announced by the European Central Bank on Thursday fell short of market expectations, leading to a massive short squeeze.
Meanwhile, 38.4% of investors were long in GBP/USD, improving from 36.5% a week earlier, 56.1% of market participants held long positions in USD/JPY, down slightly from 56.7% in the preceding week, while 46.6% of investors were long USD/CHF, little changed from 46.7% in the previous week.
Amongst the commodity-linked currencies, 45.2% were long USD/CAD, falling from 53.1% a week earlier, 32.4% held long positions in AUD/USD, compared to 31.2% in the preceding week, while 34.6% were long NZD/USD, declining from 35.9% a week earlier.
Elsewhere, 50.0% of market participants held long positions in gold futures last week, up from 48.4% in the preceding week.
The report also showed that only 29.4% of investors were long the S&P 500, compared to 33.1% 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.