CFTC Net short euro position rose 21% as of Tuesday

Thus the sharp EUR/USD rally on the central bank funding news on Wednesday…Despite that large short EUR/USD, the market is comfortable as rallies above 1.3500 continue to fail.

Elsewhere, the market is now net short 9300 contracts. A very different set-up than when the SNB established the 1.2000 floor in EUR/CHF.