Net-short exposure to JPY futures fell to its least bearish level since March 2020 • NZD futures are on the cusp of flipping to net-long exposure • Large speculators were their most bearish on AUD futures since March • Traders continued to close GBP shorts, sending net-short exposure to its least bearish level since March {chart} Japanese yen (JPY) futures: There’s an increasing divergence between yen futures prices and market positioning. Whilst the yen remains just off its 24-year low, net-short exposure is at its least bearish level since March 2021. Over 27k gross shorts were closed over the past two weeks, with ... (full story)