USD longs extended by leveraged funds - ANZ

According to the CFTC’s positioning data for the week ending 11 June 2019, leveraged funds turned net USD buyers after four weeks of selling.

Key Quotes

“The dollar buying was heavily concentrated against the EUR and AUD. Asset managers however, took a completely different view from the leveraged fund community. Real money were broad-based sellers of USD in the week.”

“Some safe-haven demand was still evident, but was mainly expressed through CHF buying. JPY saw small net selling by leveraged funds, ending six consecutive weeks of buying.”

“AUD bore the brunt of leveraged fund selling among the commodity currencies.”

“CAD saw small net buying despite weakness in oil prices, though this was prior to the attacks on two oil tankers in the Gulf of Oman.”

“EMFX also saw net selling by both leveraged funds and asset managers.”