According to IMM net speculators’ positioning as at June 11, 2019, USD longs moved lower for a second week and by a larger margin, notes the research team at Rabobank. 

• “This has taken net longs to their lowest level since July 2018 as the market prepares for the possibility of a Fed rate this summer.
• The level of net EUR short positions edged a little lower. The previous week they had dropped sharply ahead of last week’s ECB meeting. This suggests that speculators do not expect a significant increase in dovish rhetoric from the ECB just yet.
• Net short GBP positions edged a little lower after the previous week’s surge, though they remain elevated.
• The level of JPY shorts increased modestly following the sharp drop the previous week.
• CHF net shorts dropped sharply.
• CAD net shorts fell back. BoC policy, trade talks and oil prices are in view.
• AUD net shorts held extremely steady last week awaiting further developments on RBA policy and Chinese growth.”