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Leveraged funds’ net long USD positioning increased - ANZ

FXStreet (Bali) - The CFTC specs positioning data for the week ending 19 August 2014 highlights an increase in net long USD positioning by leveraged funds, notes the ANZ Research Team.

Key Quotes

Leveraged funds’ net long USD positioning increased, rising from USD16.1bn to USD19.6bn. Notably, this is the fifth consecutive week of increases. The increase this week was primarily against EUR and GBP.

Net short positioning in EUR was increased by USD2.2bn (13.4k contracts), likely as a result of lower-than-expected Q2 growth in the Eurozone. Total net short positions now stand at USD20.0bn. With 10 year German bond yields now below 1.0%, EURUSD could likely stay depressed for a short while.

Net long positions in GBP continued to be reduced for the eighth consecutive week, falling by USD1.3bn (11.8k contracts) with the release of Carney’s dovish comments at the Quarterly Inflation Report’s press conference on 13 August compared to his comments at the Mansion house. While Bank of England August Monetary Policy Committee meeting minutes on 21 August revealed that 2 out of 9 members voted for an increase in the base rate by 25bps, GBP/USD rallied only temporarily before falling further. Price action in this pair indicates that the reduction in net long positioning in GBP might continue even after 8 weeks of declines.

Net short positioning in the JPY was increased by 5.0k contracts worth USD0.6bn to 71.9k contracts for an overall short position of USD8.7bn.

Net long positioning in the AUD increased by 7.6k contracts (USD0.7bn) as low volatility encouraged carry-seeking positions in AUDUSD.

The net long non-commercial position in gold fell by 13.1k contracts to 152.8k. Net long positioning in WTI crude oil fell by 2.8k contracts to 325.5k. This is the eighth consecutive weekly decline in oil positioning since reaching record highs in late June.

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