As of close of business Tuesday, specs on the IMM were short 39,000 contracts versus 74,000 the prior week. The week before the market was short something like 111,000 contracts…
We’ve rallied to new highs for the trend since the data was published, so in all likelihood the market is even less short today.
Headed into the close, real money selling is keeping a lid on EUR/USD. The pair has been unable to rally despite a rally in risk assets. holding at 1.2640. USD/JPY has rallied nicely late in the day, up to 88.65, along with stocks. EUR/GBP and EUR/JPY are firm as well. EUR/GBP is at 0.8390 with EUR/JPY at 112.05.
