CFTC report from April 26 covered information available on April 23

According to the report CFTC, currency market participants have significantly reduced the volume of net long speculative positions on the Australian dollar. Despite this, the Australian dollar has the largest net long position among six major currencies. The volume of net short positions on the Japanese yen has also markedly reduced, but it is still the most significant among the six major currencies. Other changes in position were less significant, but we note an increase in short positions on the euro and lower short position on the Canadian dollar. The net position on the Swiss franc was positive for the first time since September.

The net short position on the Canadian dollar fell by 0.5 billion USD to -7B USD. Thus, the Canadian dollar is second after the Japanese yen having largest net short position among the six major currencies.

The net long position on the Australian dollar fell for the fourth consecutive time. This time the reduction was significant (-2.3 billion USD), and it was the most significant change in positioning. Position volume is estimated at 3.2 billion USD. However, the Australian dollar continues holding the largest net long position against the US dollar.

Last week, the euro showed an increase in the net short position that was the first time in the last three weeks. Position increased by USD 0.7 billion to -5.6 billion USD. Market sentiment remains bearish, and the single currency is the fourth having the largest short position among the six major currencies.

The net position on the British pound is getting gradually reduced. Last week, it was -5.7 billion USD. But the expectations of market participants remain bearish, and the change in the balance still pretty far away.

The net position on the Swiss franc was positive for the first time since February and the volume was 0.15 billion USD. Market sentiment is neutral.

The yen continues to hold the leadership by the largest net short position against the US dollar, despite was declined last week. Net short position on the currency is -10 billion USD, there is a stabilization around this mark. The sentiment remains bearish.