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FOREX: Leveraged Funds Cut USD Longs, Asset Managers Flip To Yen Long

FOREX
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Last Friday's CFTC positioning update showed leveraged funds cut back on USD longs. The table below presents the weekly change as at 4 of Feb (last Tuesday), along with outright positions by currency and investor type. 

  • Leveraged contracts also rose for the currencies covered except for CAD. Such shifts are arguably not that surprising as broader USD sentiment faltered through Monday/Tuesday last week amid a tariff delay from Trump on Mexico and Canada.
  • Broader USD sentiment mostly tracked sideways to slightly higher as the week unfolded, although the BBDXY index remained well off earlier highs from Monday Feb 3.  
  • Outright positions from leveraged funds remain skewed in favor of the USD, with net outright shorts against all currencies except for GBP.
  • The asset manager space, saw more mixed trends, with yen flipping back to a net long, with decent short covering last week. EUR longs were cut back, while AUD and CAD shorts were added.
  • Yen momentum was mostly positive last week amid better data outcomes and hawkish BoJ rhetoric. 

Table 1: CFTC Positioning By Currency & Investor Type

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Last Friday's CFTC positioning update showed leveraged funds cut back on USD longs. The table below presents the weekly change as at 4 of Feb (last Tuesday), along with outright positions by currency and investor type. 

  • Leveraged contracts also rose for the currencies covered except for CAD. Such shifts are arguably not that surprising as broader USD sentiment faltered through Monday/Tuesday last week amid a tariff delay from Trump on Mexico and Canada.
  • Broader USD sentiment mostly tracked sideways to slightly higher as the week unfolded, although the BBDXY index remained well off earlier highs from Monday Feb 3.  
  • Outright positions from leveraged funds remain skewed in favor of the USD, with net outright shorts against all currencies except for GBP.
  • The asset manager space, saw more mixed trends, with yen flipping back to a net long, with decent short covering last week. EUR longs were cut back, while AUD and CAD shorts were added.
  • Yen momentum was mostly positive last week amid better data outcomes and hawkish BoJ rhetoric. 

Table 1: CFTC Positioning By Currency & Investor Type

Keep reading...Show less