Leveraged Funds Continue to Reduce Long USD Exposure - ANZ
ANZ provides its take on the futures positioning data for the week
ending 12 April 2016, noting that leveraged funds continue to reduce
their net long USD exposure.
CFTC SPECULATIVE POSITIONING – WEEKLY SUMMARY
For
the week, there was net dollar selling of USD2.8bn, reducing overall
net long USD positions held to USD0.8bn, the lowest since late July
2014. Dollar selling was fairly broad based, with the most against the
JPY.
Net long JPY positions rose by USD1.5bn to USD5.2bn, the
highest since December 2011. Yen buying pushed USD/JPY briefly below 108
last week.
EUR and GBP both recorded net buying of USD0.5bn
each. Though Greece appears to be back in the news and Brexit concerns
are never far away, they have not been enough to cause selling from
leveraged funds. Overall net short positions now stand at USD6.1bn for
EUR and USD3.1bn for GBP.
Positioning in commodity currencies was
mixed. The AUD ended its ten week running streak of consecutive net
buying. Last week saw marginal net AUD selling, though leveraged funds
are still net long by USD2.6bn (see Figure 10 in PDF). NZD recorded an
increase in net long positions by USD0.1bn to USD0.5bn, while CAD was
relatively stable.
All three EM currencies recorded net selling
by leveraged funds. Overall net short positions in MXN rose by USD0.4bn
to USD0.7bn.
Net long positioning in gold rose to its highest
level since October 2012. The last time positioning in gold was that
long, gold prices were close to USD1,800/oz.
(Market News Provided by FXstreet)