Forex futures market speculative positioning data from the CFTC Commitments of Traders report as of the close on Tuesday, July 8 2014:
- EUR net short 59K vs short 57K prior
- JPY net short 66K vs short 71K prior
- GBP net long 42K vs long 50K prior
- AUD net long 37K vs long 33K prior
- CAD net long 10K vs short 5K prior
- CHF net short 7K vs short 5K prior
- NZD net long 14K vs long 6K prior
More of the same for the most part, which is a symptom of a complacent market. The last of the Canadian dollar bears were finally shaken out this week and now what does the loonie do? It falls.
One place I’m watching is the yen. Faith in Abenomics is wavering and the US recovery is mediocre. A fall below 101.80 could set off a squeeze.
USDJPY nearing the bottom of the range
