• USD longs have been consolidating in recent week below their recent highs though they remain at extremely elevated levels. 
  
  
• EUR shorts have back-stepped from the previous week's peak as the ECB's bond buying plan progresses and as the situation between Greece and its creditors remains fractious.  
  
  
• GBP shorts have edged a little lower though they remain at heightened levels.   While relatively high UK yields have lent GBP some support, the pound is vulnerable to political uncertainty in the approach to the May 7 UK general election.
  
  
• Net JPY shorts increased slightly but remain only half the size of the levels seen in early March.  
  
  
• AUD net shorts have surged.  Although the RBA kept policy on hold on April 7, there is heightened speculation of another rate cut in the coming months.  Net CADs shorts climbed higher last week though better than expected Canadian jobs data should lend some support.
  
  
• CHF net positions have held above zero for two consecutive weeks, though the number of longs dropped back last week.