FXStreet (Bali) - Marc Chandler, Global Head of Currency Strategy at BBH, takes a look at the latest changes in specs positioning in the futures market.
"Speculative position adjustments were only significant in two currencies in the latest CFTC Commitment of Traders report that covered the week through June 3. The first was gross long euro positions. They were cuts by 13.6k contracts to 57.1k. Gross short positions edged 2k higher to just over 90k contracts. The second was the gross short yen positions. They grew to by nearly 11k contracts to almost 87k. Of 14 gross speculative positions we track, 10 of them changed by less than 4k contracts."
"There was a tendency to add to gross speculative short positions. The exceptions were the Swiss franc that as a 1.5k contract reduction to just less than 14k contracts; and the Australian dollar that saw less than a 1k contracts were pared to 35.3k."
"Going into the ECB meeting the speculators had the smallest long position since last July. It has been halved since mid-March. The gross short position was the largest since last August. It remains larger than the gross yen position."
"Speculators extend gross short positions in the 10-year Treasury futures contract after the previous week's bout of short covering. The gross short position was extended by 28k contacts to a little more than 426k contacts. The gross longs rose 3.8k contracts to 383.1k, leaving the net position short 43.3k contracts (vs -19.1k the previous week)."