1 Apr 2019
CFTC positioning report: EUR shorts climbed to multi-month highs
- EUR speculative net shorts rose to the highest level since December 13 2016, as the ongoing slowdown in Euroland and the ‘lower-for-longer’ stance from the ECB continue to weigh on sentiment.
- Speculators continued to trim longs in the buck for the second week in a row, taking the net longs to the lowest level since the summer 2018. Concerns over a global slowdown and Brexit and US-China uncertainty contributed to the demand for the greenback, which pushed DXY to fresh tops beyond 97.30 following March 26.
- Net shorts in the Sterling kept shrinking, reaching the lowest level since June 12 2018 on the back of rising optimism over a Brexit outcome despite the recent fiascos at the House of Commons.
- Net longs in the Russian Ruble reached multi-year tops beyond 33K contracts. The better tone in the EM FX space, bullish prospects on the Brent crude and expected better performance of domestic fundamentals are all collaborating with RUB momentum.
