As suggested in the CFTC Commitments of Traders report in the week ended July 17, NET LENGTH in USD Index added +276 contracts to 27 332. Speculative long positions slid -27 contracts while short positions dropped -303 contracts during the week.

Concerning European currencies, NET SHORT for EUR futures dropped -4 514 contracts to 31 351. NET SHORT for GBP futures rose 3 375 contracts to 76 357. Speculative long positions slipped -1 042 contracts while speculative shorts gained +2 333 contracts for the week. GBP remains volatile as overwhelming support for Boris Johnson as the next Prime Minister has increased the likelihood of a no- deal Brexit, although this is no our base scenario.

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On safe-haven currencies, Net SHORT for CHF futures gained +1 304 contracts to 11 732. NET SHORT for JPY futures rose +7 729 contracts to 11 380 during the week. Speculative long positions fell -2 441 contracts while shorts gained +5 288 contracts.

On commodity currencies, NET SHORT for AUD futures dropped -1 431 contracts to 52 576. Speculative long positions decreased -7 contracts while shorts dropped -1 438 contracts. Separately, NET SHORT for NZD fell -4 886 contracts to 17 319 contracts last week. NET LENGTH for CAD futures surged +11 738 contracts to 20 964. Recent bullish sentiment about the loonie has been driven by policy divergence.


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