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CAD, CHF Net Shorts Stretch to Largest in Years

CFTC
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  • Friday's CFTC update showed markets cut net long EUR and GBP positions back to neutral, while pushing both the CAD and CHF net shorts to their largest levels in over a year.
  • At a net short of 36,212 contracts, the CHF position is its largest since 2019 as the SNB easing cycle contrasts further with ECB/BoE/Fed cycles that continue to be pushed back.
  • Separately, the buoyant oil price is doing little to shore up CAD, as markets push the net short to 82,815 contracts for the shortest outright position since 2017. The building net short came just days after the March jobs report, which showed a decline of 2.2k jobs vs. an expected gain of 25k. Meanwhile the unemployment rate unexpectedly ticked higher to 6.1% vs. Exp. 5.9%.
  • The net NZD position improved by just under 2,000 contracts, or 5.4% of open interest, putting the net short at 18.7%, less than half the 52w low.
Full update here:

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  • Friday's CFTC update showed markets cut net long EUR and GBP positions back to neutral, while pushing both the CAD and CHF net shorts to their largest levels in over a year.
  • At a net short of 36,212 contracts, the CHF position is its largest since 2019 as the SNB easing cycle contrasts further with ECB/BoE/Fed cycles that continue to be pushed back.
  • Separately, the buoyant oil price is doing little to shore up CAD, as markets push the net short to 82,815 contracts for the shortest outright position since 2017. The building net short came just days after the March jobs report, which showed a decline of 2.2k jobs vs. an expected gain of 25k. Meanwhile the unemployment rate unexpectedly ticked higher to 6.1% vs. Exp. 5.9%.
  • The net NZD position improved by just under 2,000 contracts, or 5.4% of open interest, putting the net short at 18.7%, less than half the 52w low.
Full update here: