USD longs edged little lower, EUR shorts crept little higher - Rabobank

According to the CFTC’s IMM net speculators’ positioning as at May 07, 2019, USD longs edged a little lower but they have remained essentially consolidative in recent weeks.  

Key Quotes

“Having dropped lower in the November/December period in response to a more dovish outlook for the Fed, USD longs then consolidated for a lengthy period. Another leg lower occurred in mid-March.”

“The level of JPY shorts lurched lower last week as tension in the market regarding US/China trade talks and Iran spiked higher.”

“Net short GBP positions extended further for a third consecutive week.”

“Short EUR positions crept a little higher and are holding at their highest levels since December 2016.”

“CHF net shorts edged down a touch in reflection of the demand for safe haven. That said, they remains at relatively elevated levels.”

“CAD net shorts edged lower for a third consecutive week following the surge in mid- April that followed the dovish headlines that accompanied the BoC policy meeting.”

“AUD net shorts dropped back last week following the steady policy decision from the RBA.”