Euro funds are this week’s stretched position: net short 7.8% of open interest after a fourth weekly fall, which scores 2 on a one-year scale where 0 is the most net short and 100 the most net long. Swiss franc funds sit similarly low, at 4. The New Zealand dollar is a change, not a stretch: funds went from almost flat to 9.3% net short, yet that is only 71 on the same scale. A fifth euro fall would test the year’s low of 8.0% net short; a pause would ease the picture.