CFTC Positioning Report: Japanese Yen net longs at eight-year highs

These are the main takeaways from the CFTC Positioning Report for the week ending September 24.

• Speculators increased their net longs in the Japanese currency to levels last seen in October 2016 past 66K contracts. This move came along another climb in the longs/shorts ratio, as well as an increase in commercials’ net shorts and an acceptable improvement in open interest. During the period, USD/JPY advanced gradually and reclaimed the 144.00 barrier and above, although always within a consolidative theme.
• Non-commercials net longs in the Euro advanced to two-week peaks, amidst an almost unchanged net shorts position from commercial players and a marginal increase in open interest. EUR/USD navigated in an erratic fashion, albeit with a slight upward trend in the upper 1.1100s.
• Speculative net longs in the US Dollar continued to shrink, this time to more than six-month lows just below 1K contracts, along with a modest move higher in open interest. The US Dollar Index (DXY) traded within a range-bound note against the backdrop of the current broader bearish leg.
• Speculators pushed their net longs in Gold to fresh tops past 315K contracts amidst the third consecutive increase in open interest. Prices of the ounce troy of the yellow metal maintained their march north well in place, hitting all-time peaks day after day above the $2,600 mark.