In about two hours, the CFTC will release its weekly positioning data in the Commitments of Traders report. It’s almost a slam dunk that EUR speculative shorts will diminish from a record -171K.

The data covers up to the close on Feb 1 but the euro at the same level as it was then, so it should give us a good idea how much has been squeezed out of the ‘short euro’ trade.

Recently, a 50K move is almost unheard of but I expect a rebound to about -120K.

GBP, at -31K, could climb to nearly flat.

Anything significantly less than that indicates that the squeeze still has some room to go.