EUR shorts dropped back, GBP shorts increased – Rabobank

According to CFTC’s commitment of traders report, safe haven demand has pushed the level of JPY net positions back into positive ground for the first time since November 2016, notes the analysis team at Rabobank.

Key Quotes

“Net EUR short positions dropped back having surged the previous week to levels last held in late June.”

“Net short GBP positions increased for an twelfth consecutive week on fears about a no deal Brexit and a weakening UK economic backdrop.”

“CHF net shorts edged higher for the fourth consecutive time last week, though levels are still much lower than the year’s average.”

“CAD net long positions recovered a little ground after the sharp drop the previous week. Commodities currency are vulnerable to concerns about world and Chinese growth.”

“AUD net shorts increased for a second week. The AUD’s role as a proxy for confidence in China suggests scope for additional pressure if trade tensions worsen”