This data marks the period ending Tuesday, April 4th
EURUSD
Non-Commercials increased their net short positions in the Euro last week selling a further4k contracts to take the total position to – 11.4k contracts. The large EUR short position has been steadily reduced over the last six months as ECB easing expectations have faded and the Fed has disappointed USD bulls.
This week marks the official start of the French election campaign which is likely to direct EUR price action. The far-right candidate is widely expected to lose the campaign so any uptick in support for her, as shown via polls, is likely to weigh on EUR which should otherwise be supported by a victory for centrist candidate Macron.
On the data front this week, euro area industrial production is the only noteworthy release. On the US side, we have consumer and producer inflation, retail sales and U. of Michigan consumer confidence.
Read more: https://www.orbex.com/blog/2017/04/fx-cot-update-gbp-shorts-continue-to-unwind/