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According to CFTC’s Commitment of Traders Report, USD net longs surged to their strongest levels since April 2017 in the previous set of data and crept a little higher last week, notes the research team at Rabobank.

Key Quotes

“Net EUR short positions gave up some ground last week.”

“Net short GBP positions dropped back for a second consecutive week.”

“JPY net positions have been back in positive ground for eight straight weeks on safe haven demand, but they have fallen back for the past two.”

“Latest data show CHF net shorts climbing for a second week. Despite its safe haven status, signs that the SNB has recently intervened in the FX market have distorted demand for the CHF.”

“CAD net long positions dropped back sharply last week. The fall back in oil prices since the middle of the month have weighed on the CAD.”

“AUD net shorts recovered some ground last week.”