CFTC Positioning Report: Net longs in the dollar increased further

These are the main highlights of the CFTC Positioning Report for the week ended on September 7^th:

• Speculators trimmed their gross longs and shorts in the dollar, taking the net longs to the highest level since early March 2020. Investors continued to adjust to the cautious post-Jackson Hole message from Chief Powell. That, plus month-end flows and the re-emergence of the risk appetite dragged the US Dollar Index (DXY) to fresh lows in the sub-92.00 area, just to rebound afterwards.
• Net longs in EUR climbed to 3-week tops mainly backed by the resurgence of the risk-on sentiment amidst the broad-based dollar weakness in the wake of the Jackson Hole event. Against this, EUR/USD managed to finally surpass, albeit briefly, the key barrier at 1.1900. This uptick, however, lacked follow through.
• Net shorts in GBP increased to levels last seen over a year ago. The weakness in the dollar helped Cable to advance to fresh tops in the vicinity of the 1.3900 barrier, just to deflate soon afterwards.
• In the haven universe, CHF net longs retreated to the area last seen in early May, while net shorts in JPY shrank to 4-week lows.
• Net longs in WTI dropped to early March 2019 lows, as traders kept trimming their long exposure while covering their short positions at the same time. Prices of the barrel of the WTI traded on a side-lined fashion and probed the $70.00 mark and above, although failed to close beyond it. Supply concerns, Delta-linked demand jitters and geopolitical drivers are expected to keep ruling the price dynamics around crude oil for the time being.