Forex futures market speculative positioning data from the CFTC Commitments of Traders report as of the close on Tuesday, Nov 26, 2013:

  • EUR net flat vs long 8k prior
  • JPY net short 123K vs short 112K prior (fresh six-year extreme)
  • GBP net flat vs short 1K prior
  • AUD net short 33K vs short 36K prior
  • CAD net short 29K vs short 16K prior
  • CHF net long 4k vs long 4k prior
  • NZD net long 10k vs long 12k prior
  • Dollar Index net long 16K vs 15K prior
  • The report was delayed until today because of the US holiday

Bets against the yen hit a fresh six-year high, which is no surprise given the continued weakness in the Japanese currency. Bets against the loonie are also no shock, given the ongoing breakdown in the Canadian dollar.

What’s a surprise is the lack of conviction in GBP and EUR trades with both shifting to neutral. The market had been long euros recently and short the pound but now it’s a head-scratchers’ market.