Leveraged funds's net long AUD positions rise significantly - Nomura

Analysts at Nomura explained spcs positioning in the IMM data.

Key Quotes:

"According to IMM data for the week ended 12 July, leveraged funds’ positioning in AUD grew significantly more net long (to 32% net long vs. 2% last week). Similarly, Asset managers’ net long positioning in AUD jumped to 37% as of Tuesday this week.

GBP: Leveraged funds’ net short positioning in GBP rose for the fourth consecutive week (to 36% from 29% last week). This continues to be the largest net short positioning in GBP since March (the maximum net short level in the last year was 47%, in March). Asset managers’ net short positions in GBP continued to fall for a third week to 83% on Tuesday.

EUR: Leveraged funds’ net short positioning in EUR rose for the second consecutive week (to 56% of total leveraged funds’ contracts vs. 47% last week). On the other hand, asset managers’ net long positioning in EUR rose marginally to 11% (vs. 10% in the previous week).

CAD: Leveraged funds’ positioning in CAD flipped to net long exposure as of Tuesday this week, after three consecutive weeks of net short positioning. Asset managers’ net long positioning in CAD remained steady at around 74%."