Forex futures net speculative positions as of the close of business on Tuesday May 2, 2017
- EUR short 2K vs 21K short last week. Shorts trimmed by 19K
- GBP short 81K vs 91K short last week. Shorts trimmed by 10K
- JPY short 30K vs 27K short last week. Shorts increased by 3K
- CHF short 18K vs 17K short last week. Shorts increased by 1K
- CAD short 48K vs 43K short. Shorts increased by 5K
- AUD long 43K vs 43K long. Unchanged
- NZD short 12K vs 15K short last week. Shorts trimmed by 3K
In the current CFTC speculative position report, the EUR position was near square as shorts were trimmed by 19K to 2K short. The EUR position has not been long since May 2014. Traders are giving up on the EUR short trade. The EURUSD nearly hit 1.1000 today - another new high since election day in November 2016.
The short position in the GBP has been trimmed again to short 81K. The record high for that currency reached 108K on March 21, 2017 (see chart below). The shorts have been trimmed in 4 of the last 5 weeks. The position - although off the highs - is still the largest speculative position. The GBPUSD is also higher this week and is pushing toward the key 1.3000 level.
The CAD short position in the CAD increased by 5K in the current week to 48K. The CAD has weakened this week to the highest level since Feb 2016. So traders are on the right side of that pair. Although the position is getting larger, the largest short positions in from 2013 to 2016 reached as low as -71K (see chart below)
