Weekly data from the Commitments of Traders report (as of Tuesday’s close):
- EUR net -50K vs -73K prior
- JPY net +21K vs +15K prior
- GBP net +27K vs +14K prior
- AUD net +90K vs +69K prior
- CAD net +105K vs +112K prior
- NZD net +20K vs +17K prior
- CHF net -1K vs -4.5K prior
The US dollar lost ground against everything, except CAD which is near an extreme.
Euro positioning is the least bearish in a year. One way to interpret that is that it’s negative for euro, because there are fewer shorts to squeeze. But I would be cautious of that interpretation because -50K is still a sizable position, even if it’s the lowest net negative in a year.
