By Marc Chandler:Market positioning in the week ending August 7 suggests that speculators in the futures market generally agree with our assessment that ECB President Draghi's recent proposal was not a game changer. The recent pattern continued. Essentially what this entails is buying the Australian and Canadian dollars and Mexican peso and some light position adjusting in the other currency futures--euro, yen, sterling and the Swiss franc.

Many observers see the strength of the dollar-bloc currencies and peso, but also the Scandi currencies and the Polish zloty, for example, and conclude that the speculative operators are selling the euro on the crosses. However, the Commitment of Traders report does not bear this out.

Euro: Gross long euro futures positions rose for the third consecutive week. The 5.4k increase brought the gross long position to 46.7k. Gross short positions fell for the fourth consecutive week. A little less than 2k shorts were covered,


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