23 Feb 2015
CFTC summary week ending 17th Feb - ANZ
FXStreet (Guatemala) - Analysts at ANZ offered the CFTC speculative positioning weekly summary for week ending 17th Feb 2015.
Key Quotes:
"Leveraged funds reduced their overall net long USD positioning by USD1.8bn to USD38.1bn."
"USD positioning was likely trimmed due to weaker than expected US data in that week. Retail sales, the University of Michigan sentiment index, and the Empire manufacturing all came in weaker than expected."
"For the week, the increase in USD positioning was mainly driven by EUR, JPY, and GBP."
"Net short positioning in EUR reduced to USD20.9bn from USD21.7bn previously. We suspect this was more a reflection of a pull-back in USD positioning, rather than any positive catalyst in the euro area. During the week, the EUR was volatile due to uncertainty brought about by Greek headlines."
"Net short positioning in JPY also reduced to USD6.3bn from USD6.7bn previously."
"Unlike the EUR and JPY, changes in net positioning in GBP were, however, motivated by domestic catalysts."
"There was a reduction in overall net short positioning in GBP to USD2.2bn from USD2.6bn previously. This likely reflected a change in sentiment on the UK economy, as Bank of England Governor Mark Carney said that the weakness in inflation prints masked “stronger underlying dynamics” in Britain and that he expected inflation to hit the Bank’s 2% target within two years’ time, sooner than earlier forecasts."
"Commodity currencies were relatively unchanged for the week."
"A bounce in commodity prices, including oil, has helped to improve sentiment towards commodity currencies. Should commodity prices continue to recover, we could see further short covering from leveraged funds."
Key Quotes:
"Leveraged funds reduced their overall net long USD positioning by USD1.8bn to USD38.1bn."
"USD positioning was likely trimmed due to weaker than expected US data in that week. Retail sales, the University of Michigan sentiment index, and the Empire manufacturing all came in weaker than expected."
"For the week, the increase in USD positioning was mainly driven by EUR, JPY, and GBP."
"Net short positioning in EUR reduced to USD20.9bn from USD21.7bn previously. We suspect this was more a reflection of a pull-back in USD positioning, rather than any positive catalyst in the euro area. During the week, the EUR was volatile due to uncertainty brought about by Greek headlines."
"Net short positioning in JPY also reduced to USD6.3bn from USD6.7bn previously."
"Unlike the EUR and JPY, changes in net positioning in GBP were, however, motivated by domestic catalysts."
"There was a reduction in overall net short positioning in GBP to USD2.2bn from USD2.6bn previously. This likely reflected a change in sentiment on the UK economy, as Bank of England Governor Mark Carney said that the weakness in inflation prints masked “stronger underlying dynamics” in Britain and that he expected inflation to hit the Bank’s 2% target within two years’ time, sooner than earlier forecasts."
"Commodity currencies were relatively unchanged for the week."
"A bounce in commodity prices, including oil, has helped to improve sentiment towards commodity currencies. Should commodity prices continue to recover, we could see further short covering from leveraged funds."