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Heavy euro selling on IMM

The latest Commitment of Traders positioning report issued by the CFTC showed the largest weekly change in euro positioning on the International Money Market in nearly two months, as investors from the leveraged funds category increased their net short exposure by more than 40%.

Investors net sold 21,890 EUR contracts, bringing the net short to 76,150 contracts as of November 15. Investors increased long USD exposure by $3.89 billion, buying the US dollar against every currency except the Japanese yen and Mexican peso. Aggregate long USD positioning stood at close to $10 billion on November 15.

The report shows the strongest buying interest was in Japanese yen, as investors increased net long JPY exposure by 5,600 contracts, leaving the market net long 33,680 contracts. The market has been long JPY for more than seven months.

Meanwhile, the net short in sterling, which last week staged an impressive decline, saw a reversal in momentum as investors net sold 3,742 contracts. The GBP net short now stands at 32,864 contracts.

The report also shows investors net sold 2,686 AUD contracts, although the market is still comfortably net long at 24,330 contracts.

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