Euro FX positioning is at the 0th percentile of its two-year range on the short side, with the Swiss franc at the 2nd and the Canadian dollar at the 3rd. Three crowded shorts against one dollar are one trade, not three. The 30-Year auction on 8 October graded B+ with a 72.32 percent foreign bid, so the long-end sale gave that trade no stress signal. If the crowd unwinds before the 9 December FOMC, 37 days after 2 November, the squeeze is in the currencies.