CFTC: MXN on a roll, USD and EUR go short – Rabobank

US Dollar (USD) net long positions have decreased for the second week in a row. The Euro (EUR) net short positions have increased, driven by a decrease in long positions. The Pound Sterling (GBP) net longs have increased and the Mexican Peso (MXN) net longs have increased for the second week in a row,

MXN net longs show a significant increase

“USD net long positions have decreased for the second week in a row, driven by an increase in short positions as hopes for a September Fed rate cut are bolstered. On June 27th, personal consumption for Q1 was revised down from 2.0% to 1.5% and continuing jobless claims registered their highest level since November 2021.”

“EUR net short positions have increased, driven by a decrease in long positions. Eurozone CPI inflation for June registered in line with expectations at 0.2% m/m, while the unemployment rate in May stayed steady at 6.4%. Results of the first round of voting in the French parliamentary elections had hinted at a right-wing victory.”

“MXN net longs have increased for the second week in a row, driven by an increase in long positions. The Bank of Mexico released its decision to maintain the overnight rate at 11.00% in a 4-1 split decision.