According to CFTC’s Commitment of Traders Report, USD net longs surged to their strongest levels since April 2017 in the previous set of data and crept a little higher last week, note analysts at Rabobank.

• “Net EUR short positions gave up some ground last week.
• Net short GBP positions dropped back for a second consecutive week.
• JPY net positions have been back in positive ground for eight straight weeks on safe haven demand, but they have fallen back for the past two.
• Latest data show CHF net shorts climbing for a second week. Despite its safe-haven status, signs that the SNB has recently intervened in the FX market have distorted demand for the CHF.
• CAD net long positions dropped back sharply last week. The fall back in oil prices since the middle of the month have weighed on the CAD.
• AUD net shorts recovered some ground last week.”