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Long USD positions reduced sharply - ANZ

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Irene Cheung, Senior FX Strategist at ANZ, lists down the CFTC speculative positioning for the week ending 15 March 2016.

    Key Quotes

    • “Leveraged funds reduced their net long USD positions sharply by USD6.2bn to USD7.5bn for the week ended 15 March. This was the lowest USD longs since July 2014. Further capitulation of USD longs should have taken place post a dovish FOMC.

    • For the week, with the main exception of the EUR, leveraged accounts sold USD against nearly all currencies. Against the EUR they increased their net USD longs by USD1.6bn to USD9.7bn, the most EUR shorts in six weeks. That said, price action post the cut-off date suggests that leveraged funds have trimmed their net EUR shorts.

    • Leveraged funds increased their net JPY longs for a fifth consecutive week by a further USD1bn to USD4.6bn, a new high in this cycle. They have also turned net long CHF (to USD0.2bn) for the first time since July 2015.

    • Despite continued uncertainty over Brexit, leveraged accounts reduced their net USD longs against the GBP by a sharp USD4.3bn to USD2.2bn, which was the lowest to date this year.

    • Against commodity currencies, leveraged funds increased their net AUD longs by a further USD0.4bn to USD1bn, the biggest long since September 2014. They also added to net NZD longs despite a surprise 25bp cut by the RBNZ on 10 March by USD0.3bn to USD0.4bn, the biggest long since May 2015. Against the CAD, leveraged funds pared back on their net USD longs for a seventh consecutive week by a further USD0.6bn to USD1.8bn.

    • In the EM space, MXN remained an underperformer, with net shorts against the USD kept broadly unchanged at USD0.8bn. In line with the risk rally, leveraged accounts continued to add slightly to their net longs in BRL and RUB.”
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