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FX Positioning: Yen’s short-squeezing gathers pace
CFTC data on speculative positioning showed no material changes in the G10 space. The aggregate USD positioning against reported G10 currencies (i.e. G9 excluding NOK and SEK) moved marginally deeper into net-short territory, largely due to a squeeze of JPY net-shorts and a weekly increase in GBP net-longs. EUR positioning steadied at 14% of open interest. The data reported by CFTC this week do cover the release of May’s jobs data in the US, where a below-consensus headline number prompted markets to factor in more time before the Fed could start to turn less dovish. The improvement in JPY positioning (from -29% to ... (full story)