Aside from the large drop in EUR shorts that Jamie noted, yen positioning has gone from long to short for the first time since May 2011.It concludes a three-week drop to a net short 1,203 compared to long 17,257 a week earlier.

Switches from long to short are a traditional sell signal and vice versa. The most recent example was CAD, which switched to long in early February and hit a six-month high yesterday.

The rest of the numbers:

  • GBP shorts fell to -23,235 from -31,350
  • AUD longs fell to 78,201 from 74,700
  • NZD longs also pulled back to 22,114 from 24,211
  • CAD longs climbed to 22,480 from 14,112
  • CHF shorts were virtually unchanged at -19,391 vs -19,846