USD longs moved higher, EUR shorts dropped - Rabobank

According to IMM net speculators’ positioning as at June 18, 2019, the level of net EUR short positions dropped back sharply last week.

Key Quotes

“Counter to the move in the previous two weeks, USD longs moved higher ahead of the June FOMC meeting, returning to levels maintained through April and May.”

“Net short GBP positions increased by a strong margin as Johnson emerged as the favourite to win the Tory party election.”

“The level of JPY shorts dropped sharply to their lowest levels for a year.”

“CHF net shorts also dropped sharply. The CHF is traditionally considered to be a safe haven, so the move is consistent with an increase in broad levels of geopolitical tension.”

“CAD net shorts increased. BoC policy, trade talks and oil prices are in view.”

“AUD net shorts edged a little higher awaiting further developments on RBA policy and Chinese growth.”