Specs Cut Euro, Yen, and Aussie Exposure and Do Little Else
The low volatility in the foreign exchange market may be discouraging speculators in a self-reinforcing cycle. Nearly half the gross positions we track had adjustment of less than 4k contracts. The short-covering of the yen was the largest speculative adjustment in the CFTC reporting week ending June 13. The yen bears bought back 10.1k …
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