Again we had another week of liquidation of the big short in the euro, and its first cousin, the Swiss franc. This week, the euro short went down from 131.6K to 118.2K. The drop in the SF was from 14.7K to 8.7K. The late-week 300-point rally in the euro probably took out more euro shorts.
Swiss Franc (CHF/USD): The total spec net short position in the SF dropped to 8654 contracts from 14,722 in the previous period and is down from almost 30K contracts four weeks ago. Large specs are almost a 2 to 1 short, but the small spec has flipped to the long side.
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