EUR short position cut by 10% while GBP short almost doubles:CFTC

Speculative investors in IMM currency futures held on to their elevated net long position in the dollar according to the latest data from the CFTC covering the week ending June 12. The net long position was trimmed by four percent to USD 39.6 billion with GBP selling and EUR buying being the two main features of the week.

Other highlights:

- EUR short position was trimmed by 10 percent but remains near record levels;

- The negative sentiment towards AUD and NZD remains strong with the bounce in price only triggering a small amount of short covering;

- CAD holds onto a net long position but only just after six weeks of selling;

- GBP was the biggest casualty with 20.2k contracts sold on expectations of additional stimulus being provided by the Bank of England;

- The net short CHF position remains extended on the belief that the Swiss National Bank will succed in defending the line in the sand at EUR 1.2000

- Dollar index net long position rises to a new record of 52,600 contracts representing a value of USD 4.3 billion;

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