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Speculative Long EUR Positions Tumble By 38%, Bullish Bets In Dollar And Yen Rise

Courtesy of Tyler Durden

It was to be expected: as of the just released CFTC Commitment of Traders data, the net exposure of non-commercial EUR longs, arguably a bubble far bigger than gold and silver combined in terms of volume and participation, tumbled from 99,516  to 61,447 long contracts, or a nearly 40% drop in net short positions in one week after everyone long the EUR experiened one of the biggest one week tumbles in the European currency in history. And this is happening even without the CFTC hiking margins. Notably, Yen shorts have now abdicated, and following its drop into steep negative speculative territory, when it hit -52,983 contracts on April 19, it has now moved into the green, adding 32k contracts to a total of 13,054. Lastly, and not at all surprisingly, the gradual contraction in bearish dollar bets continues to abate, and at a just barely negative net position of -4,563, the USD is now back to February 2011 levels. It appears that the great unwind of the USD short trade is almost over, and from this point on it will be just the retails, the momos and the robots.


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