CFTC Positioning Report: Dollar bulls reluctant to commit fully?

These are the main highlights of the CFTC Positioning Report for the week ending November 12.

• Non-commercial players shifted to US Dollar (USD) sellers, taking the net shorts beyond 2.3K contracts after three consecutive weeks on the positive side. The move also came in tandem with a decent increase in open interest. During that period, the US Dollar Index (DXY) was starting to digest Trump’s win at the November 5 elections, embarking on a strong rebound that would eventually reach new yearly peaks.
• Speculative net shorts in the Euro (EUR) retreated for the fourth consecutive week to nearly 7.5K contracts, while commercial traders shifted to net sellers of the European currency after a two-week hiccup, all amidst another decline in open interest. EUR/USD plummeted more than three cents and revisited the 1.0600 region in just a few days pari passu with the strong recovery in the Greenback and investors’ repricing of the Fed’s rate path, all in the wake of the widespread victory of Republican D. Trump.
• Speculators added to their net shorts in the Japanese Yen (JPY), reaching nearly 65K contracts. Hedge funds, in the meantime, increased their net longs for the third straight week, all amidst the unabated multi-week uptrend in open interest. USD/JPY kept its gradual advance and reclaimed the 154.00 barrier and beyond on the back of the US Dollar’s rally and the equally marked bounce in US yields across the curve.
• Net-longs in the British pound (GBP) held by speculative players rose to two-week tops past 56K contracts following another downtick in open interest. GBP/USD followed its risk-associated peers, joining the train to much lower levels well south of the key 200-day SMA near the 1.2820 zone.
• Speculators trimmed their net longs in Gold to around 236.5K contracts, a region last seen in early June. The second consecutive retracement in open interest coincided with this decline. Prices of the troy ounce of Gold extended further their pullback, breaking below the key $2,600 mark following all-time highs near $2,800 clocked in late October.