FX Positioning: EUR/USD long-squeeze finally emerging

CFTC data on FX positioning showed a material trimming of US dollar net shorts in the week ending 02 February. The aggregate net USD positioning against reported G10 currencies (i.e. G9 excluding Norway’s krone and Sweden’s krona) moved from -18.3% to -16.2% of open interest. EUR/USD positioning saw the biggest weekly drop (-4.1% of open interest) since September 2019. The euro is the main component of the aggregate USD positioning gauge, and it had shown some surprising resilience over the past few weeks despite EUR/USD having been on a downward-sloping trend since early January. We have recently … (full story)

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