CFTC Positioning Report: JPY net shorts squeezed to multi-month lows
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UPGRADEThese are the main highlights of the CFTC Positioning Report for the week ended on June 28th:
- Speculators reduced further their gross short positions in the Japanese yen, dragging the net shorts to the lowest level since late December 2021. The improvement in the risk complex intensified the depreciation of JPY and sustained the upside in USD/JPY to the area above the 136.00 mark.
- Net longs in the dollar went down to 3-week lows, as investors reacted to the lack of surprise at Powell’s semiannual testimonies. Later comments from FOMC’s Bowman suggesting a 75 bps raise in July and successive 50 bps thereafter also failed to ignite a meaningful move in the buck. DXY traded with a downward bias amidst the better tone in the risk-associated universe.
- Net shorts in EUR retreated to 2-week lows despite market chatter started to pencil in a potential 50 bps rate hike at the ECB’s July event. The bid bias in the broad risk-linked galaxy helped EUR/USD returning to the area beyond 1.0600 the figure.
- GBP net shorts sank to the area last seen in mid-April. The better note surrounding the riskier assets lent some support to the quid, although GBP/USD failed to embark on a more sustainable rebound.
- Net longs in prices of the West Texas Intermediate (WTI) rose to 2-week highs against the backdrop of the unabated tightness in the supply side and news of EU plans to cap prices of Russian oil and gas exports. The barrel of the WTI sparked a corrective upside after bottoming out near $101.50 on June 22.
These are the main highlights of the CFTC Positioning Report for the week ended on June 28th:
- Speculators reduced further their gross short positions in the Japanese yen, dragging the net shorts to the lowest level since late December 2021. The improvement in the risk complex intensified the depreciation of JPY and sustained the upside in USD/JPY to the area above the 136.00 mark.
- Net longs in the dollar went down to 3-week lows, as investors reacted to the lack of surprise at Powell’s semiannual testimonies. Later comments from FOMC’s Bowman suggesting a 75 bps raise in July and successive 50 bps thereafter also failed to ignite a meaningful move in the buck. DXY traded with a downward bias amidst the better tone in the risk-associated universe.
- Net shorts in EUR retreated to 2-week lows despite market chatter started to pencil in a potential 50 bps rate hike at the ECB’s July event. The bid bias in the broad risk-linked galaxy helped EUR/USD returning to the area beyond 1.0600 the figure.
- GBP net shorts sank to the area last seen in mid-April. The better note surrounding the riskier assets lent some support to the quid, although GBP/USD failed to embark on a more sustainable rebound.
- Net longs in prices of the West Texas Intermediate (WTI) rose to 2-week highs against the backdrop of the unabated tightness in the supply side and news of EU plans to cap prices of Russian oil and gas exports. The barrel of the WTI sparked a corrective upside after bottoming out near $101.50 on June 22.
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