Analysts at Rabobank note that the latest CFTC Commitment of Traders Report showed that USD net longs slipped for a fourth consecutive week.

• “Net EUR short positions increased moderately. The previous week they had dropped sharply to their lowest levels since early September.
• Net short GBP positions dropped back for a seventh consecutive week and are now at their lowest level since May.
• JPY net positions held in negative ground for a third consecutive week.
• CHF net shorts remain broadly stable. Despite its safe-haven status, signs that the SNB is prepared to intervene in the FX market have distorted demand for the CHF.
• CAD net long positions surged again last week. Robust jobs data strengthened the case for steady rates from the BoC going forward.
• AUD net shorts fell for a second consecutive week. The AUD’s role as a proxy for confidence in China suggests that US/China trade talks are providing direction.”