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According to the CFTC’s positioning data for the week ending 23 April 2019, the overall net USD positioning of leveraged funds was unchanged, while the asset managers were broad-based buyers of USD in the week, notes the research team at ANZ.

Key Quotes

“JPY and CHF, the traditional safe-haven currencies, continue to be sold by leveraged funds. Overall, net short CHF positioning by asset managers reached a new record high, while overall net short JPY positioning is moving closer to a record high.”

“Commodity currencies saw broad-based buying by funds, but this was prior to the dovish stance by the Bank of Canada and the weak inflation data, which saw the market expecting a rate cut at next week’s Reserve Bank of Australia meeting.”