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Semi-Government Bond Purchase Offer Details

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BoJ Makes Rinban Purchase Offers

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  • Net USD long specs continue to increase despite recent USD consolidation as rising uncertainty keeps pushing preference for the greenback.
  • Net contracts rose by 7.2K to a total of 117.8K in the week ending September 7, the highest level since October 2019.
  • It is interesting to see that the market has become increasingly bearish on the Australian Dollar, also referred as a 'risk-on' currency; net shorts have increased from 0 to 70.5K in the past 4 months, their highest level since September 2018.
  • Investors remain cautious in the current environment as the Fed taper nears (market expecting a November announcement for a December start with 15bn USD cut every month); hence, lower liquidity could support 'safe-asset' (i.e. USD) in the medium term.

Source: Bloomberg/CFTC/MNI