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28 Sep 2015
USD: Long positions on exit mode – ANZ
FXStreet (Delhi) - Irene Cheung, Research Analyst at ANZ Research, notes that the latest CFTC positioning data (for the week ended 22 September) showed that leveraged funds trimmed their net long USD positions by a further USD1.1bn to USD15.5bn.
Key Quotes
“This could well be a position adjustment right after the US FOMC’s decision to hold on 17 September. Price action since the cut-off date suggests a more upbeat view on the USD with a possible rebuild of long USD positions.”
“Overall, position adjustments vis-à-vis individual currencies were modest. Leveraged accounts trimmed their net USD longs against the EUR by a small USD0.4bn to USD7.6bn, not fully offsetting the USD1.4bn increase in the previous week. Similarly, leveraged funds reduced their net USD longs against the JPY by USD0.9bn, to USD3.2bn, vs an increase of USD1.3bn in the previous week.”
“However, they raised their net long USD positions against the CHF by USD0.7bn to USD0.8bn, nearly reversing the USD0.9bn reduction in the previous week.”
Key Quotes
“This could well be a position adjustment right after the US FOMC’s decision to hold on 17 September. Price action since the cut-off date suggests a more upbeat view on the USD with a possible rebuild of long USD positions.”
“Overall, position adjustments vis-à-vis individual currencies were modest. Leveraged accounts trimmed their net USD longs against the EUR by a small USD0.4bn to USD7.6bn, not fully offsetting the USD1.4bn increase in the previous week. Similarly, leveraged funds reduced their net USD longs against the JPY by USD0.9bn, to USD3.2bn, vs an increase of USD1.3bn in the previous week.”
“However, they raised their net long USD positions against the CHF by USD0.7bn to USD0.8bn, nearly reversing the USD0.9bn reduction in the previous week.”