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- JPY net shorts receded to one-year lows - CFTC Positioning report
JPY net shorts receded to one-year lows - CFTC Positioning report
The Commodity Futures Trading Commission's (CFTC) positioning report for the week ended on June 18 revealed:
- Speculators trimmed their short positions to the lowest level since June 16 of 2018 on the Japanese safe haven on the back of escalating geopolitical jitters exclusively on rising US-Iran effervescence. In addition, the likeliness of rate cuts by the Fed has also spurred the preference for riskier assets, all in detriment of JPY.
- The speculative community pushed USD net longs to fresh multi-month tops ahead of the FOMC meeting. The subsequent dovish tilt by the FOMC should impact on the next report, as the event was after the cut-off date.
- EUR net shorts dropped to the lowest level since February 5 despite the fact the ECB showed a clear will to return to rate cuts or QE following its monetary policy meeting.
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