• USD net G10 IMM long -$5.9bn in Feb 26-Mar 4 period; $IDX -0.71%

• Trump trades unwinding and tariff delays stir USD long exit

• EUR$ +1.04% in period, specs +15.3k contracts now -10.1k

• Hawkish ECB cut lifts EUR, talk of German infrastructure spend aid EUR rise

• $JPY -0.52%; specs +37.7k contracts now at record high 133.7k contracts

• BoJ seen hiking 2 more times in 2025, steady to lower Fed saps USD vigor

• GBP$ +0.98%; specs +14.1k contracts now +18.6k; less-dovish BoE lifts GBP

• $CAD +0.39%, specs -5.9k contracts now -143.8k; tariffs, remain a headwind

• Markets remain fluid, VIX up considerably since Trump inauguration

• Major currencies see new 2025 highs versus USD; UST yield drop amplifies exit from post-elex Trump trades

IMM Position Table as of Mar 4:


Majors w/IMM performance as of 3-7 Chart:

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