The CFTC Commitments of Traders report in the week ended October 16 indicates that positioning on major currencies lowered as a whole. Speculative long positions for USD index futures dropped -2 635 contracts while shorts fell -2 802, sending the NET LENGTH higher, by +167 contracts, to 37 876 contracts. US dollar fell across the board last week.
NET SHORTS for both European currencies remained. For EUR futures, speculative long positions plunged -21 498 contracts while shorts plunged -8 296 contracts, deepening NET SHORT to 29 344 for the week. NET SHORT for GBP futures decreased -10 154 contracts to 50 353, thanks to the -8 187 units drop in speculative shorts positions. Bears might overwhelm next week as mass protest requesting second Brexit referendum might increase volatility in GBP.
All commodity currencies stayed in NET SHORT positions. NET SHORT for AUD futures dropped -1 793 contracts to 71 491, while that for NZD futures gained +1 592 contracts to 35 412. NET SHORT for CAD futures dropped -1 126 contracts to 11 019. Note that traders, both bulls and bears, reduced bets on the above currencies as uncertainty of global economic growth intensified.