• USD net spec G10 long -$4.48bn in Apr 29-May 5 IMM period, +$9.4bn; $IDX -0.07%

• Mideast conflict, oil/inflation function remains primary focus for FX/FI markets

• US-Iran ceasefire taking shots but holding for now, stirs USD haven unwind; risk rallies

• EUR$ -0.19% in period, specs -3.5k contracts now +32.2k; ECB 2026 hikes likely sap growth

• $JPY -1.05%, specs +40.3k contracts now +61.7k; 2nd round of intervention lifts JPY

• GBP$ +0.18%, specs -3.3k contract now -64k; GBP specs add to GBP short, res 1.3650 area

• $CAD -0.42%, specs +23.8k contracts now +14.7k; shorts unwind on high oil, hawkish BoC

• AUD$ +0.02%, specs +6.8k contracts now +78.7k; risk rally lifts commods, RBA hawkish

• Headline risk remains prevalent amid tenuous Mideast ceasefire, oil down but near $100/bbl

Majors w/IMM Performance Charts:


IMM Position Table:


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