The Australian and New Zealand Banking Group (ANZ) analysts offer their take on the fx positioning data for the week ending 16 July 2019.
“Leveraged funds were net buyers of USD for the second week, though it was mixed across different currencies. There was no obvious theme to the positioning changes during the week. JPY saw the largest selling, while CAD recorded the biggest net buying with funds turning overall net long in the Loonie.
Demand for commodity currencies was strong from the real money side. Asset managers increased their overall net long CAD position to a new record high, while also reducing their short exposures in AUD and NZD.
The USD has been oscillating as market participants reacted to comments from Fed officials. With a July rate cut priced in, near-term positioning will hinge on expectations of further cuts.”
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