EURUSD: Non-Commercials have increased their net long positions in the Euro last week, buying a further 21k contracts to take the total position to 113.9k contracts. This latest increase in upside exposure takes EUR longs to their highest levels since 2007, reflecting the growing consensus that the ECB will taper more quickly than currently scheduled, in response to continued data strength in the Eurozone. At it’s recent meeting, the ECB kept rates on hold but raised it’s growth outlook in line with continued data strength. ECB Chief Draghi added that inflation is expected to further strengthen but that current ... (full story)