Leveraged funds continue to reduce long USD exposure - ANZ

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    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.


    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.
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