Speculative traders on the Chicago Mercantile Exchange started to cover their EUR shorts and slashing their USD longs after 5 consecutive weeks of building their bets in the opposite direction, data from the Commodity Futures Trading Commission (CFTC) showed on Friday. Traders cut their open short EUR position by 26% after increasing it by 11% last week to reach a total of $10.8 billion as of last Tuesday. Traders also slashed their USD wager by almost 35% after increasing it by 300% last week to reach a total of $6.5 billion in net USD long position as of last Tuesday. Looking ahead, EUR/USD is likely to remain ... (full story)