Monday, September 21, 2015

CFTC data: USD longs reduced – ANZ

FXStreet (Delhi) – Irene Cheung, Research Analyst at ANZ Research, suggests that the latest CFTC positioning data (for the week ended 15 September) showed a fall in leveraged accounts’ long USD positions in both aggregated positioning against individual G7 currencies as well as direct positioning on the DXY index. It appears that leveraged funds trimmed their bets in favour of the USD ahead of the US FOMC meeting, which was widely seen as a close call.

Key Quotes

“Leveraged accounts reduced their total net USD longs against individual currencies by USD1.9bn to USD16.5bn. Price action last Friday suggests that there could have been further trimming of long USD positions post the FOMC’s no-go decision.”

“The bulk of the reduction in net USD longs was seen against commodity currencies –AUD, CAD, and NZD – by USD1.6bn, USD0.6bn, and USD0.4bn respectively. At USD2bn, net USD longs against the AUD was at the lowest in 11 weeks. Against the NZD, net USD longs of USD0.5bn were the least in 16 weeks.”

“Leveraged accounts also reduced their net long USD bets against the CHF by USD0.9bn to USD0.1bn, the lowest in seven weeks.”

“Leveraged funds however raised their net long USD positions against the EUR for the second consecutive week by a further USD1.3bn to USD8bn, the highest in four weeks. Similarly, they increased their long USD bets against the JPY for the first time in four weeks by USD1.3bn to USD4.1bn.”

“Leveraged accounts raised their net longs in GBP against the USD by USD1.3bn to USD2.6bn – the first time in three weeks.”
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