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JPY Net Short Trimmed Further as Markets Prep for BoJ NIRP Exit

CFTC
  • Markets continue to trim net JPY shorts ahead of the March BoJ decision, with specs adding a net 16.5k contracts in the week-ending March 12th to lift the overall position off the shortest since 2017. This trims the net short to 31.4% of open interest, from 37.8% previously.
  • The NZD position faded further off the longest in a year to put the market closer to neutral. This marked the largest weekly swing in positioning, down to a net long of 4.7% of open interest from 14.4% - a swing of 9.7%.
  • Of the currencies surveyed, the positioning Z-score remains the highest for GBP at +1.24, while the EUR is the lowest, at -1.41.
  • Elsewhere, markets trimmed the net short in CHF and net long MXN, while building the net short in AUD and CAD.

Full update here:

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