Last week’s FX Commitment of traders report showed a broad based but modest "reduction" in net speculative positions which was a healthy and logical development considering the gap higher in volatility from two weeks ago.
Net EUR long positions were reduced by -13.5k to 127.3k (as of last Tuesday), mostly through the reduction of long positions.
GBP net longs were cut by half to 14.9k (remaining largely insignificant).
Net Long Gold positions were also reduced by 10% or -15.7k to 175k which confirms a light positioning despite technical and fundamental improvements noted in precious metals.
The only net positioning increase was in MXN (+3.9k) to +96.8k reflecting solid confidence and appetite in MXN.
Net long oil fell by 4% (-26.8k) to 712.3k which remains a "one way" bet relecting a too optimistic speculative positioning, in our view.
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