CFTC Commitments of Traders: Another change of heart on the euro

Forex futures market speculative positioning data from the CFTC Commitments of Traders report as of the close on Tuesday, Feb 18, 2014:

• EUR net long 9K vs short 7K prior
• JPY net short 80K vs short 77K prior
• GBP net long 22K vs long 11K prior
• AUD net short 44K vs short 47K prior
• CAD net short 65K vs short 59K prior
• CHF net short 3K vs long 1K prior
• NZD net long 9K vs long 8K prior

The way things are going, I don’t know if there are too many traders at the CME still trading euro futures. Every time positioning swings one way, the market swings the other. The market is back long, so watch it drop next week. Not much else to report, there is still plenty of room in GBP before the trade is crowded.

Overall USD longs are the lowest since mid-November in what was supposed to be the trade of the year. Maybe it’s finally time to get in.