CFTC Positioning Report: EUR net longs in multi-month lows

These are the main highlights of the CFTC Positioning Report for the week ended on November 17th:

  • Speculators kept reducing its long exposure on EUR, taking net longs to the lowest level since late July. The relentless advance of the pandemic and the impact on the region’s economy seem to still weigh on investors’ mood, although this vision appears to have been challenged by the recent news of coronavirus vaccines.


  • Net shorts in USD dropped to 2-week lows in response to the uncertainty still surrounding the US post-elections political scenario coupled with the absence of fresh headlines of potential stimulus at some point in the near future. As long as market participants continue to support the idea of a “V”-shaped recovery, the dollar is expected to suffer.


  • The speculative community pushed GBP net shorts to the highest level since late June, echoing the persistent raise in coronavirus cases and lockdown measures. In addition, EU-UK negotiations remain unclear despite some auspicious headlines as of late.


  • Traders increased the net longs in crude oil to 4-week high on the back of renewed optimism following the vaccine headlines and the potential extension of the OPEC+ planned tapering for an extra three months.


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