The latest report from the CFTC showed some minor changes in speculative FX positioning.
EUR net positioning fell from 37k long to 24k long. Euro bulls continue to unwind their long positions, despite the recent recovery in EUR/USD. However, the fact that the Euro long trade is far less crowded than just a few months ago, will make it easier for speculators who are bullish on the currency.
Meanwhile, speculators added to GBP short positions, bringing net positioning from 29k short to 40k short. Political uncertainty continues to weigh on the British Pound, and there is a major support level to defend at 1.30.
JPY net positioning stood at 40k short, an increase of 1k from the previous week. Demand for safe havens has weakened, and the broad USD strength is putting the Yen under additional pressure.
Net positioning for the commodity currencies:
- AUD short 41k vs short 39k previously
- CAD short 53k vs short 49k previously
- NZD short 27k vs short 26k previously
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US equities continue to welcome any high-risk event being put in the rear-view mirror – especially when rates markets look prime to consolidate lower