USD Shorts have started to cover aggressively...

Driven mostly by additions to EUR shorts...

BUT, record bond shorts keep getting record-er...

From the shortest-end (ED futures) to the belly (5Y at record shorts...)...

And the longest-duration 'ultras' also at record shorts...

Interestingly, as the Treasury curve has collapsed, it is clear from the chart below that large speculators are betting on curve steepening (reducing their shorts in 2Y TSY and adding to shorts in 10Y TSY) - so far it is failing miserably as the curve crashes to new cycle lows...