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2 Mar 2015
Specs reduced overall net long USD - ANZ
FXStreet (Bali) - The positioning data for the week ending 24 Feb 2015 shows leveraged funds reduced their overall net long USD positioning by USD0.5bn to USD37.6bn, notes the FX Strategy Team at ANZ.
Key Quotes
"USD positioning was likely trimmed for the second week due to weaker-than-expected US data (PPI final demand, industrial production, existing home sales and consumer confidence) as well as in anticipation of a dovish Federal Reserve Chair Yellen in her semi-annual testimony to Congress."
"Among the currencies that registered net buying, JPY saw the biggest change."
"The biggest change in short positioning was registered in JPY. Net positioning in JPY was reduced to USD5.8bn from USD6.3bn previously. The biggest change in short positioning was registered in JPY, which saw net shorts reduced to USD5.8bn from USD6.3bn previously. This was the second consecutive week of a net reduction in shorts, amid recent reports that BOJ policy makers are now of the view that further monetary easing to shore up inflation could be counterproductive."
"Positioning in GBP continued to reflect the change in sentiment on the UK economy after Mark Carney mentioned on 12 February that the weakness in inflation prints masked “stronger underlying dynamics” in Britain. There was a reduction in overall net short positioning in GBP for the second week, with net positioning at USD2.0bn vs. USD2.2bn previously."
"Net selling in commodities currencies was registered as oil saw selling pressure. The bounce in commodity prices, including oil, has proven to be short lived and the pressure resumed in the week. This resulted in net selling of USD0.4bn in commodities currencies in the week. In particular, AUD and CAD registered net selling of USD0.3bn and USD0.2bn respectively."
Key Quotes
"USD positioning was likely trimmed for the second week due to weaker-than-expected US data (PPI final demand, industrial production, existing home sales and consumer confidence) as well as in anticipation of a dovish Federal Reserve Chair Yellen in her semi-annual testimony to Congress."
"Among the currencies that registered net buying, JPY saw the biggest change."
"The biggest change in short positioning was registered in JPY. Net positioning in JPY was reduced to USD5.8bn from USD6.3bn previously. The biggest change in short positioning was registered in JPY, which saw net shorts reduced to USD5.8bn from USD6.3bn previously. This was the second consecutive week of a net reduction in shorts, amid recent reports that BOJ policy makers are now of the view that further monetary easing to shore up inflation could be counterproductive."
"Positioning in GBP continued to reflect the change in sentiment on the UK economy after Mark Carney mentioned on 12 February that the weakness in inflation prints masked “stronger underlying dynamics” in Britain. There was a reduction in overall net short positioning in GBP for the second week, with net positioning at USD2.0bn vs. USD2.2bn previously."
"Net selling in commodities currencies was registered as oil saw selling pressure. The bounce in commodity prices, including oil, has proven to be short lived and the pressure resumed in the week. This resulted in net selling of USD0.4bn in commodities currencies in the week. In particular, AUD and CAD registered net selling of USD0.3bn and USD0.2bn respectively."