The latest CFTC report shows that there were only minor changes in speculative FX positioning.
EUR net positioning stood at 88k long vs 89k in the previous week. The resilience of the Euro bulls is quite impressive, especially when taking into consideration that EUR/USD has declined roughly 1000 pips in the past few months. The currency pair has found support at 1,15 USD, but it does look fragile.
Long positioning in GBP jumped from 7k to 11k.
Meanwhile, JPY sellers are becoming frustrated. USD/JPY is struggling to gain momentum, despite the strong Dollar. Risk-off sentiment and concerns about a potential trade war are keeping the Yen bid. Net positioning switched from 3k short to 5k long.
No significant changes were seen in commodity currencies:
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