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CFTC Specs positioning weekly summary - ANZ

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - Irene Cheung, FX Strategist at ANZ Research, summarizes the the positioning data is for the week ending 5 January 2016, noting that leveraged funds reduced long USD positions (against other majors) for the first time in three weeks.

    Key Quotes

    "For the week ended 5 January, leveraged funds reduced long USD positions (against other majors) for the first time in three weeks, by USD1.5bn to USD26.2bn. Concerns over China, the start of sharp yuan depreciation, and tension in the Middle East contributed to risk aversion and reductions in risk positions. However, for those who wanted direct exposure to the DXY, long USD positions continued to be added during the week."

    "Price action since then suggests long USD positions against the majors may have been trimmed further in a risk-off mode amid a global stock market sell-off, continued yuan depreciation, and a slump in oil prices. Direct bullish bets in the DXY should have been reduced as well."

    "During the week, leveraged accounts trimmed net EUR shorts by USD0.8bn to USD16bn after two weeks of increases as risk positions were taken out."

    "Leveraged accounts also continued to pare back in their net short JPY positions by another USD2bn to USD2.6bn, the least since November 2012. JPY has been the prime beneficiary in this risk off episode."

    "Leveraged funds, however, extended their net GBP shorts against the USD by another USD1.1bn to USD3.1bn."

    "It was a mixed bag for commodity currencies. Leveraged funds continued to add to short CAD positions for a fourth consecutive week by another USD0.5bn to USD3.7bn. However, they trimmed their net AUD shorts by USD0.2bn – the first time in three weeks, to USD0.4bn. They added to net long NZD bets by USD0.1bn to USD0.3bn."

    "As one would expect, EM currencies lost ground across the board, including BRL, which saw long positions trimmed."
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