6 Jul 2015
CFTC: Specs reduce USD net longs – ANZ
FXStreet (Barcelona) - HuiYing Chan and Irene Cheung of ANZ Research, offer the CFTC positioning data for the week ending 30 June 2015.
Key Quotes
“Leveraged funds reduced their overall net long USD positioning by US1.1bn to USD17.3bn. Overall, the positioning changes across the board were pretty muted compared to prior weeks. Hence, the decrease in net USD longs was likely position adjustment ahead of June NFP on 2 July.”
“The decrease in net long USD positions was led by GBP (USD1.5bn).”
“Net long positioning in GBP likely increased on the back of the positive revisions in Q1 GDP on 30 June.“
“EUR continued to register net selling for the second consecutive week.“
“In light of the focus on the Greek situation, leveraged funds increased their net shorts in EUR by USD0.4bn.”
“Leverage investors continued net selling in NZD in anticipation of further rate cuts. NZD continued to face downward pressure as the weak 0.2% quarterly rise in Q1 GDP has cemented market expectation of another OCR cut by the RBNZ in July.”
“Looking ahead, Greece voting no has increased uncertainty in the market. We expect positioning changes in the week ahead to reflect uncertainty weighing on the EUR, and a bid for safe haven currencies such as JPY, CHF and USD.”
Key Quotes
“Leveraged funds reduced their overall net long USD positioning by US1.1bn to USD17.3bn. Overall, the positioning changes across the board were pretty muted compared to prior weeks. Hence, the decrease in net USD longs was likely position adjustment ahead of June NFP on 2 July.”
“The decrease in net long USD positions was led by GBP (USD1.5bn).”
“Net long positioning in GBP likely increased on the back of the positive revisions in Q1 GDP on 30 June.“
“EUR continued to register net selling for the second consecutive week.“
“In light of the focus on the Greek situation, leveraged funds increased their net shorts in EUR by USD0.4bn.”
“Leverage investors continued net selling in NZD in anticipation of further rate cuts. NZD continued to face downward pressure as the weak 0.2% quarterly rise in Q1 GDP has cemented market expectation of another OCR cut by the RBNZ in July.”
“Looking ahead, Greece voting no has increased uncertainty in the market. We expect positioning changes in the week ahead to reflect uncertainty weighing on the EUR, and a bid for safe haven currencies such as JPY, CHF and USD.”