As suggested in the CFTC Commitments of Traders report in the week ended December 1, NET SHORT of USD Index futures added +321 contracts to 3 075. Speculative long positions increased +4 061 contracts and short positions gained +4 382 contracts. The greenback continued to move without direction. Concerning European currencies, NET LENGTH in EUR futures rose +1 644 contracts to 139 894. NET SHORT of GBP futures declined -9 231 contracts to 7 899 contracts during the week. Net short should fall further, if not drifting to net length, in the coming week. British pound rose to the highest in a year against US dollar as the market expects a Brexit deal to be reached soon.
On safe-haven currencies, NET LENGTH on CHF futures slipped -335 contracts to 14 651. By contrast, NET LENGTH on JPY futures gained +7 261 contracts to 47 503. Concerning commodity currencies, NET SHORT of AUD futures almost doubled to 10 800 contracts. Separately, NZD futures’ NET LENGTH increased 746 contracts to 9 058 during the week. Meanwhile, NET SHORT for CAD futures gained +4 397 contracts to 21 243 contracts. We anticipate net short to drop in the coming week as the loonie climbs higher in accompaniment with crude oil price.