15 Feb 2016
CFTC: USD longs reduced - ANZ
Irene Cheung, Senior FX Strategist at ANZ, lists down the CFTC speculative positioning data for the week ending 9 February 2016.
Key Quotes
• “Leveraged funds reduced their net long USD positions for a second consecutive week by a further USD3.0bn to USD19.6bn, the lowest level of longs since last October.
• Price action since then suggests a further pare-back of USD longs after Fed Chair Yellen signalled a potential delay in rate hikes coupled with concerns over the US economy.
• The bulk of the reduction in USD longs was seen against the EUR. Leveraged accounts lowered their net EUR shorts for a sixth consecutive week by USD2.8bn to USD7.4bn, which were the smallest shorts since last October.
• Meanwhile, leveraged funds trimmed their net JPY longs by USD0.9bn to USD0.6bn. However, the collapse of USD/JPY since the cut-off date (9 February) suggests a rebuild of long JPY positions.
• Reflecting the USD correction, leveraged funds reduced their net GBP shorts by USD0.6bn to USD5.8bn, the first time in eight weeks.
• In line with USD weakness, leveraged funds also reduced their net AUD and NZD shorts by USD0.6bn and USD0.2bn to net shorts of USD1.1bn and USD0.2bn respectively, while keeping net CAD shorts unchanged at USD3.7bn.
• On EM currencies, leveraged accounts trimmed their net MXN shorts by USD0.9bn to USD0.4bn, the first time in seven weeks. They kept their positions in both BRL and RUB unchanged at broadly flat positions.”
Key Quotes
• “Leveraged funds reduced their net long USD positions for a second consecutive week by a further USD3.0bn to USD19.6bn, the lowest level of longs since last October.
• Price action since then suggests a further pare-back of USD longs after Fed Chair Yellen signalled a potential delay in rate hikes coupled with concerns over the US economy.
• The bulk of the reduction in USD longs was seen against the EUR. Leveraged accounts lowered their net EUR shorts for a sixth consecutive week by USD2.8bn to USD7.4bn, which were the smallest shorts since last October.
• Meanwhile, leveraged funds trimmed their net JPY longs by USD0.9bn to USD0.6bn. However, the collapse of USD/JPY since the cut-off date (9 February) suggests a rebuild of long JPY positions.
• Reflecting the USD correction, leveraged funds reduced their net GBP shorts by USD0.6bn to USD5.8bn, the first time in eight weeks.
• In line with USD weakness, leveraged funds also reduced their net AUD and NZD shorts by USD0.6bn and USD0.2bn to net shorts of USD1.1bn and USD0.2bn respectively, while keeping net CAD shorts unchanged at USD3.7bn.
• On EM currencies, leveraged accounts trimmed their net MXN shorts by USD0.9bn to USD0.4bn, the first time in seven weeks. They kept their positions in both BRL and RUB unchanged at broadly flat positions.”