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13 Apr 2015
CFTC: Specs increase net long USD positions – ANZ
FXStreet (Barcelona) - FX Strategists at ANZ, review the CFTC speculative positioning data for the week ending 7 Apr 2015.
Key Quotes
“Leveraged funds increased their overall net long USD positioning marginally by USD0.4bn to USD35.6bn even as DXY inched lower during the week to 97.8 from 98.4. Notably, this marginal increase was registered after the prior’s week reduction in positioning, the highest since end-January.”
“Broadly, the changes in positioning for leveraged funds in the week appear to contradict the changes in price levels post a weak March NFP report. This suggested that leveraged funds might have been hesitant to reduce further USD long positioning.”
“The increase in USD longs was led by net selling in AUD, which saw net short positioning rise to USD3.8bn from USD3.2bn. The increase in net short positioning in AUD was surprising given that RBA did not cut rates on 7 April.”
“There was a small increase in net shorts in GBP, CAD, CHF and JPY against the USD.”
“The only currency that saw stronger net buying than the USD was the EUR. Net short positioning in EUR reduced to USD21.2bn from USD22.0bn. This was in line with EUR/USD which rose from 1.07 to 1.08 in the week.”
“Looking ahead, after the cut-off date, it is likely that leveraged funds added USD longs following the released FOMC minutes that showed that members were split on when to raise interest rates, with timing ranging from June to 2016.”
“Key releases this week, including retail sales numbers on Tuesday, could prove pivotal to further increases in net USD positioning in the next release.”
Key Quotes
“Leveraged funds increased their overall net long USD positioning marginally by USD0.4bn to USD35.6bn even as DXY inched lower during the week to 97.8 from 98.4. Notably, this marginal increase was registered after the prior’s week reduction in positioning, the highest since end-January.”
“Broadly, the changes in positioning for leveraged funds in the week appear to contradict the changes in price levels post a weak March NFP report. This suggested that leveraged funds might have been hesitant to reduce further USD long positioning.”
“The increase in USD longs was led by net selling in AUD, which saw net short positioning rise to USD3.8bn from USD3.2bn. The increase in net short positioning in AUD was surprising given that RBA did not cut rates on 7 April.”
“There was a small increase in net shorts in GBP, CAD, CHF and JPY against the USD.”
“The only currency that saw stronger net buying than the USD was the EUR. Net short positioning in EUR reduced to USD21.2bn from USD22.0bn. This was in line with EUR/USD which rose from 1.07 to 1.08 in the week.”
“Looking ahead, after the cut-off date, it is likely that leveraged funds added USD longs following the released FOMC minutes that showed that members were split on when to raise interest rates, with timing ranging from June to 2016.”
“Key releases this week, including retail sales numbers on Tuesday, could prove pivotal to further increases in net USD positioning in the next release.”