Traders added more bets for higher USD, as suggested in the CFTC Commitments of Traders report in the week ended May 29. Net LENGTH for USD Index (DXY) futures added +1 338 contracts to 3 924. During the week, the DXY index gained +1.3%, as the greenback strengthened against major currencies with the exception of Japanese yen.
NET LENGTH for EUR futures plunged -16 707 contracts to 93 037 for the week, as the increase in short positions (+21 674 contracts) outweighed that in longs (+4 967 contracts). Bets on GBP futures gained on both sides but the bulls got an upper hand, leading to an increase, by +3 776 contracts, of NET LENGTH to 9 477 contracts.
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Traditional safe-haven currencies stayed in Net SHORT positions and bearishness exacerbated. Net SHORT for JPY futures soared +5 269 contracts to 8 036 while that for CHF futures rose +6 120 contracts to 43 431. Interestingly, Japanese yen jumped almost +2% against the US dollar, while Swiss franc depreciated modestly against the greenback for the week.
On commodity currencies, NZD futures drifted to NET LENGTH of 1 401 contracts, as the rise in speculative long positions (up +3 868 contracts) tripled that of the shorts (up +1 104 contracts). NET SHORT for AUD futures added +2 123 contracts to 23 235 while that for CAD futures dropped -10 522 contracts to 15 690 for the week. all three currencies depreciated against US dollar during the week.