Net-short exposure to yen futures rose to a 16-year high among large speculators. • Shorting the Swiss franc remained in favour, with large speculators increasing short. exposure by +11% (+4.8k contracts) and reducing longs by -21.6% (-4.6k contracts) • Large speculators were net-short for a fourth week and by their most bearish amount in 18 weeks. • Whilst net-short exposure to AUD/USD futures fell for a third week by last Tuesday, I suspect many have returned since the latest batch of Middle East headlines. • Large speculators increased long gold exposure by 15.7% (+10.1k contracts) and reduced shorts by -7.1% ... (full story)