Euro short positions have expanded month on month, strengthening selling pressure on the euro. In New York trading, the euro struggled to hold above the lower ¥1.12 range, while euro-yen fell to the lower ¥177 range.
EUR/USD rose briefly to around $1.1270 in the early London session today before struggling to hold above the lower $1.12 range as New York trading began. EUR/JPY fell to the lower ¥177 range in New York trading as risk aversion strengthened the yen.
According to the Commitments of Traders report, speculative net euro selling had expanded to 23.8% of total open positions, up from 11.7% the previous month, highlighting the strengthening selling pressure on the euro. By position type, long positions declined, while the increase in short positions was pronounced.
Reports say cautious views on the euro remain entrenched as concerns over France's politics and fiscal position intensify.
EUR/USD was shown at 1.1238, EUR/JPY at 177.21 and EUR/GBP at 0.8336.