According to the positioning data is for the week ending 20 August 2019, Leveraged Funds reverted to USD selling ahead of the release of the July FOMC minutes and Fed Chair Powell’s speech at Jackson Hole, notes the analysis team at ANZ.
Key Quotes
“Overall net long USD positions are at their lowest since mid-June 2018.”
“EUR saw the largest net buying during the week by leveraged funds. Funds also sought out JPY. Brexit fatigue may be behind net buying of GBP for the second consecutive week by both leveraged funds and asset managers. Commodity currencies saw mixed positioning changes.”
“Post the CFTC cut-off date, China announced retaliatory measures including additional tariffs on USD75bn of US goods, with President Trump responding with increased tariffs on USD550bn of Chinese imports. This further escalation of trade tensions will trigger volatility in financial markets and near-term positioning.”
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