CFTC Positioning report: USD net longs dropped to lowest since summer 2018

These are the main highlights of the CFTC Positioning report for the week ended on June 25.

• Speculators trimmed their USD longs further and took the net position to the lowest level since 17 July 2018, always on rising prospects of a Fed’s rate cut at the July meeting.
• JPY net shorts dropped further and tested levels last seen in early June 2018, as market participants kept flowing into the safe haven in response to heightened fears of a global slowdown.
• Rising uncertainty around the UK politics and lack of any progress in the Brexit negotiations pushed GBP net shorts to the highest level since January 15.