Forex futures market speculative positioning data from the CFTC Commitments of Traders report as of the close on Tuesday, July 22 2014:
- EUR net short 89K vs short 63K prior
- JPY net short 54K vs short 63K prior
- GBP net long 27K vs long 39K prior
- AUD net long 39K vs long 40K prior
- CAD net long 21K vs long 16K prior
- CHF net short 7K vs short 6K prior
- NZD net long 15K vs long 15K prior
The speculative market was quick to jump into euro shorts after the break of 1.3500. The other move that stands out is how quickly cable longs have bailed out. The City hates the pound for whatever reason and traders can’t bear to hold longs, which actually bodes well for an extended bear market. That said, I expect some more consolidation before the next round of gains begins.
Lowest net since Nov 2012
