Monday, October 12, 2015

CFTC speculative positioning - ANZ

FXStreet (Guatemala) - Analysts at ANZ offered the positioning data for the week ending 6 October 2014.

Key Quotes:

"Leveraged funds were net sellers of USD last week, reducing their net long USD positioning by USD0.6bn to USD17.0bn. Weaker US non-farm payrolls and a paring back of Fed rate hike expectations drove the dollar selling.

However, given the size of the moves in FX markets, we were surprised that the net USD selling was not larger. After all, the week prior saw net dollar buying of USD2.1bn. It is likely that net selling accelerated later in the week, in which case this should be seen in the next set of CFTC data.

The Mexican peso saw the biggest turnaround in positioning last week. Leveraged funds bought USD1.2bn worth of MXN with overall positioning turning from net short of USD1.0bn to net long of USD0.2bn. The change in MXN positioning reflects the broader moves across emerging market currencies, where the USD lost ground the most.

Commodity currencies recorded net buying of USD0.8bn. This was led by the AUD, which saw a reduction in overall net short positions to USD1.9bn from USD2.5bn. Positioning in NZD and CAD both improved by a more marginal USD0.1bn. The recovery in commodity prices no doubt sparked the net buying in commodity currencies.

GBP recorded the largest net selling at USD0.7bn, which reduced leveraged funds’ overall net long position in sterling to USD1.7bn from USD2.3bn. EUR saw net selling of USD0.5bn, which increased overall net short positions to USD8.2bn from USD7.7bn."
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