Weekly positioning data from the CFTC for forex futures as of the close on May 24, 2016:

  • EUR short 38K vs 23K short prior week
  • GBP short 33K vs. 38K short prior week
  • JPY long 22K vs 59K long prior week
  • CAD long 20K vs 23K long prior week
  • CHF long 4K vs 4K long prior week
  • AUD 0.1K long K vs. 25K long prior week
  • NZD long 4.6K vs 7K long prior week

Yen and Australian dollar longs jumped ship and euro shorts jumped.

The numbers confirm what we've heard anecdotally -- that US dollar bulls were primed and ready to jump back in. The FOMC Minutes were the trigger and they continued to pile in through Thursday.

The problem is that the results have been decidedly mixed. Despite the flood into dollar longs, the dollar hasn't made that much headway. USD/JPY is 80 pips above where it was before the FOMC minutes, AUD/USD is lower by even less.

The euro does look to be breaking down but, overall, the US dollar still has some work to do.