Non-Commercials reversed their net long positions in the Euro last week selling 11k contracts to take the total position to -7k contracts. This massive shift in positioning came ahead of the Fed once again raising rates a further .25% while signaling one further rate hike to happen this year. With the ECB maintaining its current policy path of reducing QE (intending to ceasing it by year-end) and keeping rates on hold until at least summer 2019, the policy divergence with the Fed has seen short positions building up once again. Political turmoil in the eurozone is also creating downside pressure as the Italian ... (full story)