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FX COT Update: JPY Shorts Unwinding Rapidly
Non-Commercials reduced their net long positions in the Euro last week selling 5k contracts to take the total position to 133k contracts. This latest bout of short covering came just ahead of the March ECB meeting where investors we mixed as to whether the bank would deliver the hawkish message that bulls have been looking for. Draghi did indeed deliver the bullish message bulls were hoping for saying that the ECB had now dropped its easing bias meaning that the bank will no longer look to increase or extend its bond purchase program due to the strong, broad-based growth momentum in the euro-zone. The market will now ... (full story)