CFTC Positioning Report: USD net longs rose to +2-year highs

These are the main highlights of the CFTC Positioning Report for the week ended on September 17th:

  • Net longs in the Greenback climbed to the highest level since April 25th 2017. In fact, speculators anticipated another ‘insurance cut’ at last Wednesday’s FOMC event, re-focusing instead on the auspicious prints from the US docket published as of late.
  • The speculative community added gross shorts to their already negative EUR positions, taking net shorts to the highest level since mid-June, as investors continued to adjust to the recently delivered stimulus package from the ECB.
  • JPY net longs eased some ground and retreated to levels last seen in early August on the back of diminishing US-China trade concerns and fresh hopes of some sort of pre-deal at the meetings early next month.
  • RUB net longs receded to the lowest level since March 12th on the back of growing concerns of the impact of the trade war on the domestic economy. The ongoing easing cycle by the CBR was confirmed after another rate cut earlier this month, and this could have probably hurt the sentiment around the Ruble somewhat as well.

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