A standout observation from last week’s COT data is the weekly change volumes among some of the FX majors, gold and silver. Whilst net-long exposure to GBP/USD futures rose to a 15-year high, gross-short exposure increased at its fastest weekly pace since November 2021. Net-short exposure to JPY/USD futures fell at their fastest pace since March 2020 (the pandemic low for risk assets), whilst net-log exposure to EUR/USD futures increased at their fastest pace since March 2020. Open interest also increased at its fastest pace since that milestone time. Bulls returned to snap up gold and silver following the weaker CPI ... (full story)