Deutsche Bank - "Implied USD longs were cut back consecutively over the past one month against the majors. Last Tuesday, implied net USD longs were reduced to 37% of open interest from 41% the week before. Asset managers and hedge funds continue trimming their USD long positions, according to the TFF report. EUR long positions were modestly extended this week led by hedge funds. Overall speculative positioning is flat. JPY shorts were reduced by leveraged funds while asset managers extended their longs.
AUD and NZD shorts were extended, as were longs in MXN. For all other currencies positions were trimmed. Long contracts for crude oil fell after touching its historical peak while longs in gold were increased significantly over the past week."