The latest CFTC positioning report shows only minor changes in speculative FX positioning. The largest change was seen in JPY positioning, where speculators reduced their short positions by 12,000 contracts. The risk aversion in global markets is supporting the Japanese Yen slightly, and this has been enough to force some JPY bears to cover their positions.
Net positioning as of last week:
EUR short 56k vs short 61k previously
GBP short 42k vs short 40k previously
JPY short 98k vs short 110k previously
AUD short 46k vs short 51k previously
CAD short 12k vs short 13k previously
NZD short 15k vs short 21k previously
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In January the Fed needed to put the Taper Genie back in the bottle; now they need to convince the short end crew to back off repricing the Fed Funds strip