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Specs: Unusually high number of position adjustments - BBH

FXStreet (Bali) - Marc Chandler, Global Head of Currency Strategy at BBH, reviews the latest changes in speculative positioning in the futures market, noting an unusually high number of significant position adjustments.

Key Quotes

"There was an unusually high number of significant position adjustments, which we have defined as a change of 10k of more contract in the gross position. This increase in activity has been observed in the spot market as well."

"The gross long euro position increased by 20.2k contracts to 79.6k. This seems to be a case of bottom picking. The net short position fell as a result of new longs entering the market rather than a bout of short covering. The gross short position fell by 200 contracts to 216.7k."

"The gross long yen position jumped by 20.3k contracts to 37.6k. This was the principle cause of the decline in the net short position to 83.2k contracts from 101k. The gross short position actually increased by 2.8k contracts to 120.8k."

"The gross long sterling position was cut by a 25.7k contracts to 55.6k. The gross short position grew by 7.6k contracts. This was sufficient to switch the net position to the short side (6.6k contracts) for the first time since last November."

"The gross long Australian dollar position was culled by 17.7k contracts to 55.6k. The gross short position increased by almost 1.5k contracts. The net long position was essentially halved to 22.1k contracts (from 41.2k)."

"The gross short Mexican peso position rose by almost 15k contracts to 47.4k. The gross long position was trimmed by 1.6k to stand at 69.4k contracts."

"Speculators generally added to gross short currency futures positions, with the euro the main exception. The adjustment to the gross long position were more mixed."

"The net short US 10-year Treasury bond futures position fell to 6.8k contracts from 33.3k. This was mostly a product of 23.2k gross short positions being covered. The bulls added 3.3k contracts, which lifted the gross long position to 443.5k contracts."

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