This report analyses the performance of non-commercial positioning in FX futures on the Chicago Mercantile Exchange, valuing market sentiment in search of any extreme levels that could represent a risk of significant changes in the spot market.
The USD continues to pair back longs at a considerable clip. There was a reduction in net longs in the week ended 4 March. Positioning in the USD fell another USD6.3bn to USD9.0bn, continuing to revert from the recent multi-year highs of around USD35.2bn seen over the last couple of weeks.
For more, please see full note.