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FOREX: Yen & EUR In Favor, Commodity FX Not - Per CFTC Positioning

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The table below updates the CFTC positioning update by currency and investor type for the week ending March 4 (last Tuesday). Yen saw the biggest shift in terms of aggerate positions. Leveraged investors exited shorts, adding +14.2k positions to the yen. This is the first outright long since Oct last year. Asset manager investors added to existing longs for the yen, +12k in terms of contract shifts. This is the largest net long since early 2021. 

  • Leveraged players still sit outright short EUR, although as EUR continued to rally post Tuesday last week, the next update may show fresh longs in this space. Elsewhere, leveraged investors mostly moved against the USD, albeit in fairly modest size. The exception was adding fresh shorts to MXN.
  • For asset managers, EUR longs were added to by +20.5k.
  • Trends were mixed elsewhere though, with commodity currencies remaining out of favor, with shorts in AUD, NZD and CAD all added to.
  • Capital flow shifts to the EU following the recent fiscal news, coupled with global growth/tariff concerns is likely weighing on appetite for commodity currencies. 

Table 1: CFTC Positioning Update By Currency & Investor Type - March 4 

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The table below updates the CFTC positioning update by currency and investor type for the week ending March 4 (last Tuesday). Yen saw the biggest shift in terms of aggerate positions. Leveraged investors exited shorts, adding +14.2k positions to the yen. This is the first outright long since Oct last year. Asset manager investors added to existing longs for the yen, +12k in terms of contract shifts. This is the largest net long since early 2021. 

  • Leveraged players still sit outright short EUR, although as EUR continued to rally post Tuesday last week, the next update may show fresh longs in this space. Elsewhere, leveraged investors mostly moved against the USD, albeit in fairly modest size. The exception was adding fresh shorts to MXN.
  • For asset managers, EUR longs were added to by +20.5k.
  • Trends were mixed elsewhere though, with commodity currencies remaining out of favor, with shorts in AUD, NZD and CAD all added to.
  • Capital flow shifts to the EU following the recent fiscal news, coupled with global growth/tariff concerns is likely weighing on appetite for commodity currencies. 

Table 1: CFTC Positioning Update By Currency & Investor Type - March 4 

Keep reading...Show less