Analysts at Rabobank note the latest CFTC's data revealed the USD net longs are consolidating, having hit their lowest levels since mid-June in the middle of December.

• "Net EUR short positions have risen to their highest levels since October.
• Net GBP positions have held in positive ground for two consecutive weeks. This is the longest run for GBP net longs since mid-2018.
• JPY net positions have held in negative ground for twelve consecutive weeks.
• CHF net shorts fell back in December. The surge in demand for safe-haven assets in early January suggests increased demand for the CHF in the next set of data.
• CAD net long positions recovered a little ground into the end of last year.
• AUD net shorts dropped into late December. News of a China/US phase 1 trade deal was supportive."