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CFTC Position Watch - EUR positioning switches to net short + why speculators are betting against the Yen

Market Analysis /
08 Oct 2018

The latest CFTC positioning report showed some notable shifts in speculative FX positioning.

Euro bears got the upper hand now, with net positioning having switched from 4k long to 7k short. Concerns about Italy and rising rate expectations in the USA are putting the currency under increased pressure. The charts suggest that more pain could be ahead for Euro bulls, as the EUR/USD broke below another major support level at 1.15.

EUR
EUR

GBP net positioning stood at 59k short vs. 67k short previously. As the data was collected on the past Tuesday, it is likely that some speculators wanted to cover their positions ahead of Theresa May´s speech on Wednesday. Short-term, the pressure on Pound is likely to increase further.

GBP
GBP

JPY net positioning jumped from 85k short to 114k - a 29k increase. Low rate expectations in Japan and a hawkish Fed make the USD/JPY an attractive currency pair, although it is still struggling to gain significant momentum amid the risk-off sentiment.

JPY
JPY

Positioning for the commodity currencies: 

- AUD net positioning 72k short vs 72k short previously

- CAD net positioning 19k short vs 20k short previously

- NZD net positioning 31k short vs 32k short previously

AUD
AUD

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