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FOREX: CFTC Positioning Update; Further Moves Against USD, Led By EUR

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In terms of the CFTC positioning update from Friday, leveraged contracts saw a sharp shift against the USD. This data is for the week ending Feb 18. The table below outlines positioning shifts by currency and investor type and what the outstanding position is now for each currency. 

  • Except for NZD, leveraged players sold the USD against all the currencies covered by CFTC. Notably shifts were for AUD, EUR and JPY. Still, in an outright sense we have net shorts across all currencies except for GBP for this investor class.
  • This suggests more short covering/exiting long USD positions could take place, although such flows may have already transpired to some degree, as current USD index levels sub those seen on Feb 18.
  • For asset managers, the bias was also skewed against the USD, although this was mainly reflected in terms of positive flows into EUR and GBP.
  • EUR/USD was the stand out last week from a flow standpoint. 

Fig 1: CFTC Positioning Update By Currency & Investor Type

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In terms of the CFTC positioning update from Friday, leveraged contracts saw a sharp shift against the USD. This data is for the week ending Feb 18. The table below outlines positioning shifts by currency and investor type and what the outstanding position is now for each currency. 

  • Except for NZD, leveraged players sold the USD against all the currencies covered by CFTC. Notably shifts were for AUD, EUR and JPY. Still, in an outright sense we have net shorts across all currencies except for GBP for this investor class.
  • This suggests more short covering/exiting long USD positions could take place, although such flows may have already transpired to some degree, as current USD index levels sub those seen on Feb 18.
  • For asset managers, the bias was also skewed against the USD, although this was mainly reflected in terms of positive flows into EUR and GBP.
  • EUR/USD was the stand out last week from a flow standpoint. 

Fig 1: CFTC Positioning Update By Currency & Investor Type

Keep reading...Show less