The Commitment of Traders reporting period ending March 8 showed little position adjusting ahead of the ECB meeting two days later. A little more than 3/4 of the gross positions we track saw less than 5k contract change and only two were above 6k. The gross long speculative sterling position was cut by a quarter or 9.6k contracts to 29.4k. Speculators also built a larger gross long Australian dollar position, adding 9.7k contracts to 86.1k. The conventional focus on net positions does not reveal the extent of market positioning going into the ECB meeting. The net speculative position is short 71.9k contracts. ... (full story)