These are the main strengths of the CFTC positioning report for the week ended May 12e:
- Speculators Continued To Add Raw Short Films To Their Already Negative Position sterling for the fourth consecutive week, pushing net short to the highest level since early December 2019. Uncertainty about the impact of the coronavirus on the British economy, the agitation of trade between the United Kingdom and the EU in combination with the woes of Brexit and the prospects for further easing by the Bank of England have fueled sour sentiment around the counterparty in recent weeks.
- EUR Long net positions hit 2-week highs thanks to positive headlines regarding the reopening of some eurozone economies as well as concerns over the growth of COVID-19 in the region. In addition, the solid current account position in the region continues to act as a decent argument for occasional bearish movements.
- Just want in the dollar also reached multi-week highs supported by episodes of risk aversion and despite the huge stimulus program currently underway in the US economy.