Price reactions post-NFP tells us plenty about market positioning (and comfort levels)
- The AUD made some big gains across the board after the NFP telling me that the market is uncomfortably short across the board;
- The EUR made some similar moves, suggesting that the market was also overly short;
- GBP long-levels must be getting uncomfortable for some hence the big cross moves against the EUR and the AUD;
- USD/JPY will struggle to break above 105.50 in coming days but the market remains bullish;
- The CAD continues to look weak and more losses look likely.