Forex futures market speculative positioning data from the CFTC Commitments of Traders report as of the close on Tuesday, 1st April 2014:
- EUR net long 33K vs long 40K prior
- JPY net short 89K vs short 69K prior
- GBP net long 34K vs long 30K prior
- AUD net short 5K vs short 21K prior
- CAD net short 37K vs short 33K prior
- CHF net long 14K vs long 15K prior
- NZD net long 18K vs long 18K prior
We saw the market was long euros over the ECB meeting when it failed to rally and then blew out and we’ve seen the same with yen shorts absolutely piling in ahead of the NFP. No prizes for guessing one of the reasons behind the action today. The aussie worm is turning, which could see upside moves run into trouble if positions turn long. There’s some squeeze room left in the trade but then the bull bus is going to fill up.
Japanese yen CFTC net positioning
