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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
- The much-watched JPY short-covering rally posted off the July lows in spot may have reached a peak in Friday's CFTC report, which shows the overall net position has tipped into neutral/net long for the first time since early 2021.
- Sharp covering of shorts across the leveraged funds and asset manager investor classes is largely responsible (however we note these two groups are still marginally net short the currency) and has tipped the 52w Z-score aggressively higher, hitting 3.2 on an outright basis and 4.1 when measured as a % of open interest.
- Outside of the JPY, Friday's CFTC update shows a deterioration of the net longs across both GBP and MXN, which slip further of recent highs in positioning. CAD has now solidly replaced JPY as the currency against which markets hold the largest net short, holding close to a 52w low of 55.6% of open interest last week.
- Full update 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.
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