Net dollar-long positions narrowed slightly to $46 billion in the past week, mainly from a decline in net-shorts against the yen, according to data from the Commodity Futures Trading Commission. "Sentiment toward EUR and GBP was remarkably stable week over week, which highlighted investor comfort with current positioning as well as a hesitancy to build," said Camilla Sutton, chief FX strategist at Scotiabank. The euro net-short position is sizable at $26.3 billion, but remains below the $28.1 billion level from November, its highest level in the past year, Sutton said.
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