As of the close of business Tuesday, the market was still net short in a big way. I suspect the big rally Wednesday and Thursday, culminating with the jump to 1.3525 this morning changed the picture quite dramatically, though we won’t know until the next release of COT data next week.
Speculators on the IMM are short a net $13.2 bln this week, a decrease of just 2% from the previous week.
The market is now net short CHF for the first time since July 2010.
