CFTC Commitments of Traders highlights for the week ending April 10, 2018:
- EUR long 147K vs 134K long last week. Longs increased by 13K
- GBP long 43K vs 40K long last week. Longs increased by 3K.
- JPY long 3K vs 4K short last week. Longs increased by 7K.
- CHF short 11K vs 10K short last week. Shorts increased by 1K.
- CAD short 32K vs 32K long last week. No change
- AUD short 3k vs 0K flat last week. Shorts increased by 3K.
- NZD long 23K vs 18K long last week. Longs increased by 5K.
- Last week’s data
That’s a crowded position in the euro and it comes after a string of poor economic data releases. Then again, maybe that’s the signal: It can only get better.
Meanwhile, those Canadian dollar shorts are looking very vulnerable and I just don’t see the justification for the market being so long NZD.