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FOREX: CFTC Positioning Update Again Shows Strong USD Bias

FOREX
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The CFTC positioning update from Friday showed a continued shift towards the USD, albeit more so in the asset manager space than from leveraged accounts. The table below presents the weekly change and outright position for each currency as at the end of last Tuesday (22nd of Oct). Exiting EUR longs was again a feature, for both leveraged names and asset managers. 

  • Leveraged names are now back to outright shorts in terms of the EUR. Only modest adds to longs for AUD and NZD went against the USD in this space.
  • For asset managers there was heavy selling across JPY, EUR and GBP. Selling pressures were evident across the other currencies, except for MXN.
  • In total, we had a further 126k in contracts move in favor of the USD, after the prior week's 163k surge.
  • This fits with last week's price action around broader USD indices continuing to track higher, amidst a supportive yield backdrop. Resilient data outcomes, along with US election risks are aiding the yield backdrop. 

Table 1: CFTC Positioning By Currency/By Type 

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The CFTC positioning update from Friday showed a continued shift towards the USD, albeit more so in the asset manager space than from leveraged accounts. The table below presents the weekly change and outright position for each currency as at the end of last Tuesday (22nd of Oct). Exiting EUR longs was again a feature, for both leveraged names and asset managers. 

  • Leveraged names are now back to outright shorts in terms of the EUR. Only modest adds to longs for AUD and NZD went against the USD in this space.
  • For asset managers there was heavy selling across JPY, EUR and GBP. Selling pressures were evident across the other currencies, except for MXN.
  • In total, we had a further 126k in contracts move in favor of the USD, after the prior week's 163k surge.
  • This fits with last week's price action around broader USD indices continuing to track higher, amidst a supportive yield backdrop. Resilient data outcomes, along with US election risks are aiding the yield backdrop. 

Table 1: CFTC Positioning By Currency/By Type 

Keep reading...Show less