Investing.com - The Investing.com weekly sentiment index published on Monday revealed that speculators increased their bearish bets against the euro to extreme levels in the week ending March 27.
According to the report, only 19.8% of investors held long positions in EUR/USD as of last week, down from 24.1% in the preceding week. A reading below 30% indicates oversold conditions.
Meanwhile, 38.3% of investors were long in GBP/USD, up from 34.4% a week earlier, 58.4% of market participants held long positions in USD/JPY, compared to 52.1% in the preceding week, while 51.7% of investors were long USD/CHF, up from 46.0% in the previous week.
Amongst the commodity-linked currencies, 50.0% were long USD/CAD, down from 51.6% a week earlier, 36.2% held long positions in AUD/USD, compared to 41.0% in the preceding week, while 37.6% were long NZD/USD, up from 34.4% a week earlier.
Elsewhere, 40.6% of investors were long the S&P 500 last week, improving from 22.1% in the preceding week.
In the commodities market, 50.1% of market participants held long positions in gold futures as of last week, compared to 45.9% in the preceding week.
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.