• IMM net USD G10 long fell $3.04bn in the Feb 12-18 period; $IDX -0.74%

• EUR$ +0.70% in period; specs + 13k contract now -51.4k; ECB still dovish

• $JPY -0.15%, specs + 6k contract now +60.6k; hawkish BoJ view lifts yen

• GBP$ +1.48%, specs +2.6k contracts now -579; steady infl, BoE seen steady

• $CAD -0.5%; specs +6.2k contracts now -145k; soft US-CA trade view lifts CAD

• Tariffs, inflation key drivers of spec flows, despite recent USD long unwind

• Trump trades unraveling, can resume on moments notice on whim of Trump




IMM Position Table as of Feb 18:


Majors w/IMM Performance as of Feb 21 Chart:

(Paul.Spirgel is a Reuters market analyst. The views expressed are his own)