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IMM: No significant changes, Yen shorts smallest since July - BBH

FXStreet (Bali) - The BBH Global Currency Strategy Team reviews the latest changes on speculative positions in the futures market, noting that there were no significant (more than 10k contracts) adjustments for week ending October 28.


Key Quotes

"There were no significant (more than 10k contracts) adjustments in the gross currency futures positions in the CFTC reporting week ending October 28. Of the 14 gross positions we track, only four changed by more than 5k contracts."

"The bearish currency view is highlighted by the increase gross short position, except for the yen (-7.1k contracts to 91.3k) and Canadian dollar (-2.9k contracts to 47.5k). Gross long positions mostly fell, except for sterling (+4.2k contracts to 40.7k) and the Australian dollar (+3.5k contracts to 17.4k)"

"The net short yen futures position has been nearly halved to 67.4k contracts early September. It is the smallest since July. This has been mostly a function of short covering. The gross short position has fallen by 60k contracts over the past four reporting periods. The gross long position has fallen by about 6k contracts over the same period. The yen's sell-off in the second half of last week occurred as the gross short yen position was the smallest in two months."

"The gross short 10-year US Treasury futures position was cut to 35.8k contracts from 90.0k. The longs were trimmed by 25.5k contracts to 431.2k. The gross short position fell 79.7k to 467.1k contracts. "

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