Euro bears haven't been this aggressive since the Covid pandemic, but is the trade getting too crowded?
The euro certainly is not winning any popularity contests these days. A fragile growth forward view alongside surging energy prices and growing fiscal worries in France has left dealers with little reason to cheer for the single currency.
In this article
In the latest oil prices update, the euro certainly is not winning any popularity contests these days, according to investingLive. A fragile growth forward view alongside surging energy prices and growing fiscal worries in France has left dealers with little reason to cheer for the single currency.
Key points
- That is up markedly from just 28,156 contracts in mid-September.
- With bearish positioning already at its most extreme since the Covid pandemic.
- And judging by the latest CFTC positioning data, leveraged funds are not just turning their backs on the euro as well.
- As mentioned, the bearish sentiment on the single currency is not all too surprising.
- Now, that does not automatically make the euro a good buy.
What happened: Oil prices
And judging by the latest CFTC positioning data, leveraged funds are not just turning their backs on the euro as well. That is precisely what MUFG is warning about in highlighting that speculative short positions in the euro have now touched their strongest reading since the Covid pandemic in early 2020. That is up markedly from just 28,156 contracts in mid-September.
The release of the latest IMM positioning report at the end of last week disclosed leveraged funds are heavily short the euro." As mentioned, the bearish sentiment on the single currency is not all too surprising.
Now, that does not automatically make the euro a good buy. That said, the problem for euro bears is that they do not necessarily need to.
With bearish positioning already at its most extreme since the Covid pandemic, I suspect the bigger risk for dealers now is not necessarily being wrong about the euro's forward view.
Why traders are watching oil prices
Oil prices affect inflation, company costs and the currencies of major producers and importers. Moves in crude often spill over into the Canadian dollar, Norwegian krone and energy stocks.
Supply decisions, inventory data and geopolitical risks can move crude quickly, and higher energy prices can complicate the job of central banks fighting inflation.
Market reaction and data
Crypto prices at the time of writing, from Binance spot data (2026-11-11 06:12 UTC):
| Asset | Last price (USDT) | 24h change | 24h high | 24h low |
|---|---|---|---|---|
| Bitcoin (BTC) | 73,842.01 | -1.22% | 74,996.01 | 72,727.27 |
| Ethereum (ETH) | 2,067.34 | -2.54% | 2,125.22 | 2,006.00 |
| Cardano (ADA) | 0.1754 | -1.79% | 0.1798 | 0.1702 |
On the currency side, the latest ECB daily reference rates (2026-11-10) show EUR/USD 1.1214, GBP/USD 1.3423, AUD/USD 0.6904, NZD/USD 0.5628, USD/JPY 158.18, USD/CHF 0.8207, USD/CAD 1.4136, USD/CNY 6.6703. These are reference fixes, not live quotes.
What to watch next for oil prices
Watch for OPEC+ supply decisions, weekly inventory reports, demand signals from major economies and any geopolitical developments in producing regions.
Key scheduled releases on the economic calendar:
- GBP GDP m/m on Thu Nov 12, 07:00 UTC, forecast 0.0%, previous 0.1%
- USD Core PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.3%, previous 0.7%
- USD PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.4%, previous 1.3%
Follow every update in our Top 10 Forex News Today, read Nasdaq Today states: "Fold that short." or see all of today's top market news.
FAQ
What is the latest oil prices news?
The euro certainly is not winning any popularity contests these days.
What drives oil prices?
Crude prices depend on supply from OPEC+ and other producers, global demand, inventory levels and geopolitical risk in key producing regions.
Where does this information come from?
This report is based on coverage from investingLive, checked against market data where available. It is a summary for information only and not investment advice.
Risk warning: This article is for information only and is not investment advice. Trading forex, CFDs, stocks and crypto carries a high risk of losing money. Prices move fast – check live quotes before you trade.
