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 net short position in USD increased USD2.8bn in the week ended 17 June, bringing overall net shorts to USD19.4bn, the most net short since August 2023. The rotation out of JPY continued. The EUR is instead becoming a more favoured counterpart to the USD short trade.
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