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FX Positioning Update

CFTC

Friday's CFTC CoT update (data correct as of 21st July) shows markets shed AUD,

leaving the net position broadly neutral. This still marks a decent improvement

from the net short seen through H1 2020 however.

The main beneficiaries were EUR, NZD and CAD, while speculators trimmed

AUD and MXN positions most notably.

The EUR net position rose by 1.3% of open interest in the latest week - a net

build of some 14,000 contracts to the highest since mid-2018 (mimicking

the spot chart).


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