9 Mar 2015
Specs reduced overall net long USD - ANZ
FXStreet (Bali) - The positioning data for the week ending 3 March 2015, as noted by ANZ, shows leveraged funds reducing their overall net long USD positioning by USD1.6bn to USD36.0bn.
Key Quotes
"This is the third consecutive week that USD positioning was trimmed. Given the rise in the DXY Index during the week, we put the reduction in positioning down as profit taking ahead of the non-farm payrolls release."
"The next positioning data will most likely see an increase in net USD longs given the strong February payrolls data and subsequent rally in the USD."
"The currency that contributed to the largest change in USD positioning was the EUR and JPY. Both currencies saw a reduction in net shorts by USD0.8bn."
Net short positioning in EUR was reduced to USD20.0bn from USD20.8bn previously. We suspect short EUR positions were lightened ahead of the 5 March ECB meeting. Despite net buying by leveraged funds, EUR/USD remained under downward pressure. With EUR/USD breaking below 1.10 after the strong US payrolls data, we expect the next CFTC data to show a rebuilding of net short EUR positions, quite possibly to record highs.
"Net short positioning in JPY was reduced to USD5.1bn from USD5.8bn previously. This is the third consecutive week that net short positions were reduced, amid recent reports that BoJ policymakers are now of the view that further monetary easing to shore up inflation could be counterproductive."
"Net selling in commodity currencies continued, though NZD bucked the trend."
"CAD registered net selling of USD0.2bn, while AUD saw net selling for the fifth consecutive week (by USD0.3bn). The AUD selling was despite the RBA surprising the market by opting to leave the cash rate unchanged at 2.25% on 3 March, the last reporting day for this CFTC report. NZD saw net buying of USD0.4bn, which is likely an AUD/NZD play, helping to push the cross to post-float lows."
Key Quotes
"This is the third consecutive week that USD positioning was trimmed. Given the rise in the DXY Index during the week, we put the reduction in positioning down as profit taking ahead of the non-farm payrolls release."
"The next positioning data will most likely see an increase in net USD longs given the strong February payrolls data and subsequent rally in the USD."
"The currency that contributed to the largest change in USD positioning was the EUR and JPY. Both currencies saw a reduction in net shorts by USD0.8bn."
Net short positioning in EUR was reduced to USD20.0bn from USD20.8bn previously. We suspect short EUR positions were lightened ahead of the 5 March ECB meeting. Despite net buying by leveraged funds, EUR/USD remained under downward pressure. With EUR/USD breaking below 1.10 after the strong US payrolls data, we expect the next CFTC data to show a rebuilding of net short EUR positions, quite possibly to record highs.
"Net short positioning in JPY was reduced to USD5.1bn from USD5.8bn previously. This is the third consecutive week that net short positions were reduced, amid recent reports that BoJ policymakers are now of the view that further monetary easing to shore up inflation could be counterproductive."
"Net selling in commodity currencies continued, though NZD bucked the trend."
"CAD registered net selling of USD0.2bn, while AUD saw net selling for the fifth consecutive week (by USD0.3bn). The AUD selling was despite the RBA surprising the market by opting to leave the cash rate unchanged at 2.25% on 3 March, the last reporting day for this CFTC report. NZD saw net buying of USD0.4bn, which is likely an AUD/NZD play, helping to push the cross to post-float lows."