Commodities Futures Trading Commission (CFTC) positioning data ending 19 January saw another increase in the net USD shorts vs reported G10 (i.e. G9 excluding SEK and NOK). That was largely due to a jump in the EUR positioning (which accounts for half of the USD aggregate positioning) to 24% of open interest. In the rest of G10, the picture is more mixed, with only GBP and NZD seeing their net longs vs USD increase in the week 13-19 January. Despite EUR/USD moving from 1.23 in early January to the 1.21 region in the past few days – in line with the rebound in the dollar - we still aren’t seeing evidence in the ... (full story)