The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Marc Chandler NEW YORK ( BBH FX Strategy) -- The latest Commitment of Traders report from the Commodity Futures Trading Commission covers the week ending March 20. Among the major currency futures, there was dramatic reduction of net short speculative positions. To appreciate how this was achieved is only possible by disaggregating the data. The net speculative euro short position was cut to about 83,000 contracts from 99,300 the previous week. This is the smallest net short position since the end of February. In the previous week there was a decline of net short euro contracts roughly of the same magnitude. This was almost solely the function of shorts getting out. However, this week the establishment of new euro longs was larger (10,100) than the shorts exiting (6,300).