EUR: Highly biased speculative positioning in favor - BBH

Analysts at BBH point out that the speculative positioning in the futures market is heavily biased in favor of the euro.  

Key Quotes

“The net long position of a little more than 90k contracts is less than 10% from its six-year high set earlier this month.  The gross speculative long position reached a record high of a little more than 200k contracts in early August.  It stood at almost 187k contracts as of Tuesday, October 17, the end of the latest CFTC reporting period.  The gross short speculative position is a little larger than 96k contracts.  The three-year low set in June was 85.2k contracts.  Recall that at the end of last year, the speculative short euro position was 200k contracts.”