The CFTC Commitments of Traders report in the week ended June 25 shows that NET LENGTH in USD Index declined -6 183 contracts to 22 366. Speculative long positions fell -5 992 contracts while short positions added +191 contracts during the week. DXY index plunged to the lowest level since March while expectations of a Fed funds rate cut in July soared about 70%. All other major currencies stayed in NET SHORT positions.
On safe-haven currencies, Net SHORT for CHF futures added +997 contracts to 16 481. NET SHORT for JPY futures plunged -6 418 contracts to 10 147 during the week. Speculative long positions gained +2 921 contracts while shorts also dropped -3 497 contracts.
On commodity currencies, NET SHORT for AUD futures added +1 457 contracts to 66 320. Speculative long positions decreased -12 826 contracts while shorts also declined -11 369 contracts. Aussie should remain under pressure as the the expects RBA to continue cutting interest rates later this year. Separately, NET SHORT for NZD slipped -415 contracts to 24 053 contracts last week. NET SHORT for CAD futures slumped -23 281 contracts to 14 790.