CFTC currency summary - ANZ

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Analysts at ANZ Bank noted the CFTC positioning for week ending 8th March and summarized.

    Key Quotes:

    "Leveraged funds increased their net long USD positions by USD0.6bn to USD13.7bn for the week ended 8 March. However, net dollar buying was only concentrated against two currencies, EUR and GBP. Leveraged funds’ direct exposure to the USD via the ICE Dollar Index fell slightly by USD0.1bn to USD2.6bn, the fifth consecutive decline.
    short EUR positions rose by USD1.8bn to USD8.1bn.

    This likely reflected positioning ahead of the 10 March ECB meeting, where the market was anticipating additional stimulus. The rally in EUR/USD following the ECB meeting suggests an unwinding of those short positions that had built up in the previous two weeks. GBP was the only other major currency apart from EUR to see net selling. Net short GBP positions rose by USD0.9bn to USD6.5bn.
    JPY saw net buying for the fourth consecutive week. Leveraged funds’ net long JPY positions rose by USD0.6bn to USD3.6bn.

    Commodity currencies saw the strongest weekly net buying since mid-September last year, led by AUD. Leveraged funds have now turned net long in AUD following their USD0.9bn net buying to take their overall net long position to USD0.7bn. NZD positioning rose by USD0.1bn, though the surprise RBNZ rate cut after the CFTC cut-off date will likely see a turnaround at the next report.

    The turnaround in sentiment towards commodities can be seen from the large increase in oil and gold positioning.

    In EM currencies, MXN continues to see net selling despite the currency gaining during the week. BRL and RUB benefitted from the EM risk rally with small increases to their net long positions."
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