CFTC Positioning Report: USD net longs shrunk to multi-month lows

These are the main highlights from the latest CFTC report for the week ended on June 11.

  • Speculators trimmed their gross longs and shorts on the greenback, taking the net longs to the lowest level since mid-July 2018, always on the back of increasing concerns over the potential move lower in rates from the Federal Reserve in the next months.
  • EUR net shorts, instead, shrunk to the lowest level since March 26, as market participants continue to look to USD-dynamics for direction, relegating more domestic issues such as the ongoing slowdown in the region and prospects of ECB easing.
  • The speculative community kept trimming its exposure to crude oil during last week, with gross longs extending the trend lower and taking net longs to the lowest level since early March. The focus, as usual, remains on the increasing US-China trade jitters and their impact on the global demand for crude oil and prospects of economic growth.

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