Brian Mangwiro of RBS, shares the CFTC positioning of currency futures as of 3rd February, noting that specs are still long USD, with heavy shorts on EUR, AUD and CAD.
Key Quotes
“USD (DXY) longs rose ~1k to 71.6k (record high is 73.1k).”
“Euro shorts continue to surge; rose another 11.5k on the week to 196.3k. NB: record high for net EUR shorts is 214.4k, reached during the Eurozone debt crisis, when markets were pricing in a potential Euro‐area break‐up.”
“JPY shorts were chopped down another 7k to 56.2k; a 4yr low.”
“GBP shorts were trimmed down some 2.9k to 42.4k. Sterling has traded well lately, even vs. the USD.”
“AUD shorts surged 7.2k to 56.2k. Markets increasingly bearish the currency on RBA rate cut expectations, but short positioning is still some 20k off 2013 highs.”
“CAD shorts also increased by 3.3k to 27.3k. CHF shorts fell some more, by ~2k to 5.4k; NZD shorts also rose by ~1k to 4.5k.”
“On BRL, specs have switched to net longs, up ~3.8k from an aggregate flat position last week. And finally, MXN shorts rose another 3.6k to 48.2k. Record high is 64.5k achieved 4 weeks ago.”
“Net: still long USD, heavy shorts on EUR, AUD and CAD, and very light on JPY”
Key Quotes
“USD (DXY) longs rose ~1k to 71.6k (record high is 73.1k).”
“Euro shorts continue to surge; rose another 11.5k on the week to 196.3k. NB: record high for net EUR shorts is 214.4k, reached during the Eurozone debt crisis, when markets were pricing in a potential Euro‐area break‐up.”
“JPY shorts were chopped down another 7k to 56.2k; a 4yr low.”
“GBP shorts were trimmed down some 2.9k to 42.4k. Sterling has traded well lately, even vs. the USD.”
“AUD shorts surged 7.2k to 56.2k. Markets increasingly bearish the currency on RBA rate cut expectations, but short positioning is still some 20k off 2013 highs.”
“CAD shorts also increased by 3.3k to 27.3k. CHF shorts fell some more, by ~2k to 5.4k; NZD shorts also rose by ~1k to 4.5k.”
“On BRL, specs have switched to net longs, up ~3.8k from an aggregate flat position last week. And finally, MXN shorts rose another 3.6k to 48.2k. Record high is 64.5k achieved 4 weeks ago.”
“Net: still long USD, heavy shorts on EUR, AUD and CAD, and very light on JPY”
