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Non-Commercials increased their net short positions in the Euro last week selling further 13k contracts to take the total position to -29k contracts. EUR has been under heavy selling pressure again over recent weeks as US yields have moved higher and the policy divergence between the Fed, which continues to tighten, and the ECB, grows. Political uncertainty continues to weigh on EUR sentiment with both the Italian budget and continued Brexit negotiations worrying investors.

The main focus this week will be on the ECB meeting which is not expected to offer any news, merely a reaffirmation of the bank’s pledge to wind QE down by year-end. However, there are dovish risks and if the ECB gives any indication that QE might run on longer than year-end, expect a sharp sell-off in EUR.



Non-Commercials reduced their net short positions in Sterling last week selling 10k contracts to take the total position to-50k contracts. Positioning in GBP has been fluctuating over recent week...

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