Analysts at Rabobank note that the USD net longs slipped for a seventh consecutive week, as per the latest CFTC Commitment of Traders Report.

• “Net EUR short positions increased but there has been no strong direction in recent weeks.
• For the first time since September net short GBP positions increased suggesting that confidence could be wavering as the December 12 election nears.
• JPY net positions held in negative ground for a fifth consecutive week and shorts continued to rise.
• CHF net shorts increased for a fourth week consistent with a drop in safe haven demand.
• CAD net long positions dropped back sharply for a second week. BoC Governor Poloz this month has reiterated the case for keeping the door open for further policy easing.
• AUD net shorts continued to rise as further monetary stimulus comes back into view.”