The weekly collection of data from the CFTC covering the week ending May 22 showed a huge increase in the net dollar long postion as all of the eight IMM currency futures were sold apart from the JPY.
Highlights:
* Net dollar long rises to a new record of 36.3 billion, a 30 percent increase on the previous week;
* The Euro short increased by 21.5k contracts to USD 31.3 billion equivalent;
* Short JPY positions were reduced further as the risk-off mood intensified indicating it is recovering its safe haven status;
* The AUD position fell into negative territory for the first time since March 2009
* Speculators seem pretty much convinced that the Swiss Franc floor at EUR 1.2000 will hold as the short CHF position rose to a five-year high
Ole Hansen
SAXO BANK