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CFTC commitments of traders: EURUSD shorts are trimmed but still against the price trend this week

Forex futures positioning data for the week ending March 3, 2020

  • EUR short 87K vs 114K short last week. Shorts decreased by 27K
  • GBP long 35K vs 30K long last week. Longs increased by 5K
  • JPY short 42K vs 56K short last week. Shorts decreased by 14k
  • CHF short 3K vs 1K long last week. Shorts increased by 4K
  • AUD short 52k vs 44K short last week. Shorts increased by 8K
  • NZD short 17K vs 15K short last week. Shorts increased by 2K
  • CAD long 11k vs 15K long last week. Longs increased by 4K

Highlights:

  • The EUR remains the largest speculative position and it is still short, but there was a relatively large liquidation of 27K.  The EURUSD bottomed on February 20. The price has been up 9 of the last 11 trading days.  The squeeze higher seems to have led to some liquidation of the short positions. Traders are still offsides given the recent sharp move back higher.
  • The JPY has been getting stronger as stocks and rates tumbled.  The USDJPY is trading at the lowest level since August 27 (higher JPY).  Speculative positions remain short JPY (long USD), and losing money.  Like the EUR, the position has been trimmed but traders remain short the JPY (long the USD) and against the price trend this week.
  • The AUD has moved higher off the low from last Friday. Speculative positions in the AUD saw an increase of 8K in the net short position. The short is losing against the rising value of the AUD this week.
  • The speculative position in the GBP (Long 35K) is benefiting this week as the GBPUSD has marched higher last Friday’s low.

Forex futures positioning data for the week ending March 3, 2020