These are the main highlights for the CFTC Positioning Report for the week ended on October 12.
- Speculators remained on the bearish side regarding the euro for the second consecutive week, although net shorts eased from the previous week as well as the net position to open interest to -2.65% (from -3.22%). Higher yields following the debt ceiling truce and rising cautiousness ahead of the release of the Nonfarm Payrolls kept the risk complex under pressure and forced EUR/USD to drift lower to new 2021 lows.
- USD net longs climbed to levels last seen around 3 years ago just past the 35K contracts, while the net position to open interest stayed near 55%. US yields advanced after the federal government extended the funding at least until early December while Fedspeak continued to support a November tapering announcement, all sponsoring a fresh YTD peak in the US Dollar Index (DXY) past the 94.50 level.
- In the safe haven galaxy, net shorts in CHF receded to 2-week lows and net shorts in JPY climbed to levels last seen in early May 2019. The Japanese yen accelerated its losses and pushed USD/JPY to new 2021 highs well past 113.00 the figure.
- Net longs in crude oil move higher to levels last seen in early August around 405K contracts. The continuation of the rally in crude oil prices remained propped up by the relentless energy crunch as well as the steady hand from the OPEC+ at its meeting on October 4.
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