We saw a very significant spike in the involvement of commercials in the Euro contract. For the most part, the CoT still suggests the Euro contract should remain rotational, as commercials defend the topside with heavy pressure. The absence of large specs increase on the way down makes me think this is a market still poised to remain rotational in nature. When analyzing the Pound, we saw textbook short dynamics in futures & options. More downside is expected from here on out. Meanwhile, the move lower in the Yen was driven by a removal of liquidity, which makes me think the topside is largely limited, very much in ... (full story)