Rabobank's analyst note that IMM net speculators’ positioning as at June 18, 2019, reveales the level of net EUR short positions dropped back sharply last week.

• “Counter to the move in the previous two weeks, USD longs moved higher ahead of the June FOMC meeting, returning to levels maintained through April and May.
• Net short GBP positions increased by a strong margin as Johnson emerged as the favourite to win the Tory party election.
• The level of JPY shorts dropped sharply to their lowest levels for a year.
• CHF net shorts also dropped sharply. The CHF is traditionally considered to be a safe haven, so the move is consistent with an increase in broad levels of geopolitical tension.
• CAD net shorts increased. BoC policy, trade talks and oil prices are in view.
• AUD net shorts edged a little higher awaiting further developments on RBA policy and Chinese growth.”