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These are the main highlights of the CFTC Positioning Report for the week ended on May 19th:

  • Speculators trimmed their net longs in the euro to the lowest level since March 24th. Market participants appear to have shifted their focus away from the gradual re-opening of economies in the euro area, refocusing instead on the increasing concerns stemming from the US-China trade front.
  • By the same token, USD net longs climbed to multi-week highs, as investors continue to favour the buck vs. other safe havens.
  • Net shorts in the sterling increased to the highest level since mid-December 2019 following the combination of the re-emergence of Brexit concerns, the UK government mishandling of the coronavirus crisis and the palpable chance that the BoE could implement extra stimulus in the near-term (including negative rate).