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CFTC: AUD Positioning Remarkably Resilient

CFTC
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  • AUD positioning remains remarkably resilient, despite the near-term vol in spot. The AUD net position held at a net long of 17.4% of open interest, within range of the 52w high, pressing the Z-score to +1.87 and the higehst among all currencies surveyed.
  • Conversely, EUR positioning swung to a small net short, reflecting the pullback in spot over the survey period - although spot losses were greater in both the week prior, and the four sessions following, Friday's update. The outright net futures position of -42,557 is close to the post-COVID largest net short levels and, while not yet at extreme levels, may expose markets to a spur of short-covering and a near-term bounce.
  • Meanwhile markets trimmed the net long GBP and MZN , built shorts in EUR, NZD and CHF, while covering shorts in JPY.  Full update here: 
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  • AUD positioning remains remarkably resilient, despite the near-term vol in spot. The AUD net position held at a net long of 17.4% of open interest, within range of the 52w high, pressing the Z-score to +1.87 and the higehst among all currencies surveyed.
  • Conversely, EUR positioning swung to a small net short, reflecting the pullback in spot over the survey period - although spot losses were greater in both the week prior, and the four sessions following, Friday's update. The outright net futures position of -42,557 is close to the post-COVID largest net short levels and, while not yet at extreme levels, may expose markets to a spur of short-covering and a near-term bounce.
  • Meanwhile markets trimmed the net long GBP and MZN , built shorts in EUR, NZD and CHF, while covering shorts in JPY.  Full update here: