The latest CFTC report shows only minor changes in speculative FX positioning.
Speculators increased their EUR longs positions by 3k, bringing net positioning to 11k long. EUR bulls are feeling a bit more optimistic following the bounce off 1.15 support. However, the recovery looks fragile, and it would take a clear break above 1.18 for short-term techs to turn bullish again.
GBP bears could feel the pain this week as the British Pound rallied. Net positioning fell from 70k to 61k short.
Meanwhile, JPY net positioning stood at 54k short, a increase of 2k compared to the previous week. The Yen has lost momentum amid the recovery in stocks.
Positioning for the commodity currencies:
- AUD short 44k vs short 44k previously
- CAD short 27k vs short 26k previously
- NZD short 23k vs short 25k previously
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Soaring US yields trigger the wrecking ball effect as yields become a source of volatility for risk, rather than a source of support