The Commodity Futures Trading Commission's (CFTC) positioning report for the week ended on June 18 revealed:

• Speculators trimmed their short positions to the lowest level since June 16 of 2018 on the Japanese safe haven on the back of escalating geopolitical jitters exclusively on rising US-Iran effervescence. In addition, the likeliness of rate cuts by the Fed has also spurred the preference for riskier assets, all in detriment of JPY.
• The speculative community pushed USD net longs to fresh multi-month tops ahead of the FOMC meeting. The subsequent dovish tilt by the FOMC should impact on the next report, as the event was after the cut-off date.
• EUR net shorts dropped to the lowest level since February 5 despite the fact the ECB showed a clear will to return to rate cuts or QE following its monetary policy meeting.