ANZ's assessment of the CFTC data released Friday (earlier FXL post: CFTC Commitments of Traders: EUR longs increased. GBP position long for first time since Oct 2015)
Leveraged funds were net USD sellers for the third consecutive week
- Overall net short USD positions ... highest since May 2014
Dollar selling was broad based except against the yen
- Net JPY shorts were re-built ... the largest weekly net yen selling in 11 weeks
EUR saw the largest net buying in the week
- Net GBP shorts were trimmed ... to turn overall net long for the first time since prior to the Brexit vote
- Net long CHF positions were also raised marginally in the week
CAD ... funds ... take their net long CAD position to USD5.1bn, the highest overall net longs since January 2013
- Net long AUD position was also raised
- Funds reversed their seven week NZD selling streak to turn net buyers ... during the week
Net long gold contracts were trimmed for the second consecutive week
Net longs in 10-year USTs fell
Net long crude oil contracts rose again
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Note that ANZ look at the US Commodity Futures Trading Commission (CFTC) a little differently to elsewhere. I'm a (very) summarised description of how they use it (any errors are mine):
- There are two reports compiled by the CFTC: the Commitment of Traders (COT) and the Traders in Financial Futures (TFF)
- The TFF report provides a richer breakdown of traders into the 'sell side' and 'buy side'
- ANZ use the parts of the TFF report (combined futures and options position of Leveraged Funds) as a proxy for leveraged positioning, where available
