Futures market speculative positioning data from the CFTC Commitments of Traders report as of the close on Tuesday, July 23:
- EUR net short 28k vs short 37k prior
- JPY net short 87K vs short 86K prior
- GBP net short 50K vs short 37K prior
- AUD net short 64K vs short 70K prior
- CAD net short 17K vs short 20K prior
- NZD net short 2K vs short 3K prior
- CHF net short 5k vs short 5K prior
- Dollar Index net long 28K vs 30K prior
I thought GBP shorts would have been running to the exits but they were adding to positions, at least until Wednesday. To me, that says the cable rebound could extend higher as more shorts are squeezed. The heavy JPY short positions also explains the painful, steady drop in USD/JPY late this week.
