ANZ on CFTC data - "overall net USD longs to their lowest since May 2016"

Author: Eamonn Sheridan | Category: News

ANZ on CFTC - highlight that Leveraged funds were net USD sellers for the eighth consecutive week

In Summary:
  • Further reducing their net long USD positions
  • Brought the overall net USD longs to their lowest since May 2016
  • Net long ICE USD positions, which mirror the DXY, were at a three-year low
  • With dovish remarks from Fed Chair Yellen and weak CPI and retail sales prints last week, long USD positions are likely to have retreated further
  • Dollar selling was broad based against the G10 currencies except the JPY
  • Funds were most bullish on commodity currencies. This was led by CAD ... Meanwhile, AUD and NZD saw further net buying
  • Funds unwound their net short EUR positions by USD1.4bn to turn net long ahead of the upcoming ECB meeting
  • net long 10-year UST positions were cut for the third successive week, as yields continued to head higher

Note- ANZ look at the US Commodity Futures Trading Commission (CFTC) data a little differently to others - I have an explainer here