CFTC Positioning: Yen Longs Maintained - ANZ
Analysts at ANZ explained the positioning data for the week ending 22 March 2016.
"Despite the dovish FOMC statement on 16 March which sent the USD sharply lower, leveraged funds did not reduce their net long USD positions. In the week to 22 March, there was a marginal rise in overall net long USD positions by USD0.1bn to USD7.6bn. It was a similar picture on positioning in the ICE US dollar index, where leveraged funds maintained their net long positions at USD1.7bn.
EUR, CAD and AUD saw net buying by leveraged funds. For EUR, the USD1.0bn net buying comes after three consecutive weeks of selling, with leveraged funds holding an overall net short position of USD8.8bn. CAD saw net buying for the eighth consecutive week, reducing its overall net short position to USD1.0bn from a peak of USD4.4bn in late January. AUD remains a favourite amongst the commodity currencies, with leveraged funds increasing their net long exposure to USD1.4bn, the highest since September 2014.
Brexit concerns continue to weigh on GBP, with leveraged funds increasing their overall net short positions against the pound by USD1.9bn to USD4.0bn.
JPY saw only marginal net buying, with overall net long positions maintained at USD4.6bn. Leveraged funds have turned net short on CHF again following net selling of USD0.2bn.
In line with the risk rally in EM assets, leveraged funds were net buyers of EM currencies. The preferred exposure was through BRL which has seen net buying for the fourth consecutive week, with leveraged funds holding an overall net long position of USD0.2bn."
(Market News Provided by FXstreet)