The changes last week were driven by selling of EUR, CHF, and GBP offsetting buying of JPY. Selling of the euro continued after speculators flipped their position over the previous week to a net-short for the first time since May 2017. Ongoing selling of the CHF took the net-short to 47,000 lots, the most bearish since 2007.
In fixed income, leveraged funds made a small reduction in their short duration. Largely due to a reduction of short positions in three-month Eurodollar futures and T-bonds. At the belly part of the curve, the record short in 10-year notes extended further to 700,000 lots despite the continued drop in yields and flattening yield curve.
In equities, traders increased their e-mini S&P short position by 38% while also trimming the VIX short by 23% to 102,000 lots.