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NZD Positioning Continues to Gain, Tipping Net to Largest in a Year

CFTC
  • The net NZD position continues to improve (had seen largest net additions in recent weeks) with 3.4k contracts added last week, putting the net long position at 10,057 contracts, or 20.8% of open interest - this is the largest net long since early February last year. Of the currencies surveyed, the 52w Z-score is the highest, hitting 2.27 in last week's report.
  • JPY saw the most significant gain on the short side, as the net position dropped to a new 52w low of -132,705, or 42.9% of open interest. Filing coincides with USD/JPY's continued upside pressure above Y150, with the net position now lowest since late 2017 and the third lowest since the lead-up to the GFC in 2007.
  • AUD saw a minor improvement of 1.2% of OI, while markets trimmed GBP, CHF and MXN in the latest week.

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