Analysts at ANZ offered the positioning data is for the week ending 29 November 2016.
Key Quotes:
"Leveraged funds added to their net long USD positions for the third consecutive week, up by USD4.1bn to USD29.7bn, the highest since December 2015. Given the rise in positioning in recent weeks and a December Fed rate hike fully priced, it remains to be seen if leveraged funds will want to add to their net long USD positions heading into the FOMC meeting on 14 December.
Dollar buying was mostly broad-based, with changes in GBP positioning largely flat and CAD seeing net buying.
Funds increased their net EUR shorts by USD2.9bn to USD21.2bn, the second consecutive week of selling. This likely reflects the political uncertainty associated with the Austrian and Italian elections held over the weekend.
Net selling in JPY extended to the fifth consecutive week. Funds increased their net JPY shorts by USD0.3bn to USD1.3bn, the highest short position for the JPY since January this year.
Funds reduced their net long AUD and NZD positions by USD0.5bn and USD0.2bn respectively. Should the Australia Q3 GDP data, which is released on 7 December, come in weaker than expected, it will likely see further reductions in leveraged funds’ net long AUD positions.
EM currencies saw net selling in MXN and RUB, but no change in BRL positioning from the previous week.
Net crude oil contracts rose by 12.9k contracts to 348.7k ahead of the OPEC meeting on 30 November. There will be further increases in oil contract positions following OPEC’s agreement to cut production.
Net long gold positions continue to be cut, down by 16k contracts to 142.7k, the lowest since February. But copper positions reached another new high."
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