Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CFTC
- JPY short-covering continued apace, with the net short being trimmed by ~44k contracts, or 14.3% of open interest. Despite the short-covering (likely the extended trigger of the post-intervention JPY rally last week), the outright market is still left short of ~110k contracts. Nonetheless, the pace of short-covering has tilted the 52w Z-Score into positive territory, now at +0.77.
- Both asset managers and leveraged funds played a significant part in the short-covering, however both investor classes are net short ~50k JPY futures contracts. We wrote last week that the short-covering tailwind is likely to persist given entrenched positioning - these investor classes haven't been net neutral or net long JPY at the same time since the aftermath of COVID lockdowns in 2021.
- GBP and AUD positioning sees the largest 52w Z-score among currencies surveyed. Markets built net long GBP to a new series high last week, hitting 49.2% of open interest.
- Full table here:
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok