In the view of Jane Foley, Senior Currency Analyst at Rabobank, the spec EUR short positions climbed to the highest level since July 2012. The pressure on the EUR continues unabated. Short positions are at their largest since July 2012 and last week’s ECB rate cut threatens to reinforce the momentum. By contrast, USD net longs continue to creep higher. Long positions have edged up to levels last seen in July last year. The DXY USD index has also returned to levels last posted in July 2013.A spate of poor Japanese economic data has reinvigorated speculation that the BoJ could ease again. JPY net shorts have climbed to levels last recorded in January. USD/JPY has shifted above its old trading range. GBP longs have dropped lower to levels last seen in January and increasing uncertainty about the future of the United Kingdom threatens to pile on the pressure.