Forex futures market speculative positioning data from the CFTC Commitments of Traders report as of the close on Tuesday, Dec 24, 2013:

  • EUR net long 32K vs long 16K prior
  • JPY net short 144K vs short 130K prior
  • GBP net long 14K vs long 18K prior
  • AUD net short 54K vs short 52K prior
  • CAD net short 58K vs short 66K prior
  • CHF net long 12K vs long 12K prior

Fresh highs in yen shorts since 2007. Overall US dollar longs rose to a net $18.92B from $18.32B.

What jumps out is the swing in euro longs. Despite all the talk about problems in the eurozone, the smart money is beginning to bet on the euro.