CFTC Position Watch: Speculators increase bearish bets on Japanese Yen and Euro

Market Analysis /
Milan Cutkovic / 16 Apr 2019

The CFTC released their latest positioning report for large speculators.


* Net positioning increased from 99k short to 102k short - an increase of 3000 contracts

* EUR/USD has been consolidating in recent weeks, but CFTC data shows that this did not prevent speculators from adding to their bearish bets on the currency

* Euro bears see the currency coming under pressure amid weak economic data and a dovish ECB

* However, a cautious Federal Reserve slowed down the USD rally and kept EUR/USD in a 1.12-1.15 range in the last 3 months

EURUSD - Weekly
EURUSD - Weekly

Source: AxiTrader


* Net positioning stands at 7k short vs. 10k short in the previous week

* Speculators continue to stand on the sidelines as there is little clarity about how the UK will the European Union

* The deadline has been extended until October 2019, but the uncertainty persists and investors are concerned that this might hurt UK business and consumer confidence further


* Speculators added to their JPY short positions - bringing the net positioning to 72k short (vs. 63k short in the previous week)

* Renewed risk appetite and rising equity markets brought the Japanese Yen under pressure

Commodity Currencies

* AUD net positioning came in at 54k short vs. 56k short in the previous week

* CAD net positioning remained almost unchanged at 43k short

* NZD net positioning little changed at 1k (flat in the previous week)


The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.

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