Here’s one reason EUR/USD rallied so hard this week

By: Jamie Coleman

Despite last week's ECB news, EUR shorts on the CME only covered a small portion of their position as of the close of business on Tuesday. Net Euro shorts were cut to 93,700 from 102,300 the prior weeks. The market was short dollars versus everything else as of Tuesday. Undoubtedly, many of those remain shorts were covered on this week's surge to 1.3169.