Analysts at Nomura note that as of the week ending Tuesday 17 July – around the recent peak in USD/JPY – leveraged funds added to net-short positioning to -25% net-long of outstanding contracts (-16% previously).
Key Quotes
“This is still some way from the extreme net short positioning seen in November last year (-63% net-long). Asset managers also added to net-short positioning, currently standing at -13% net-long (-4% previously).”
“CHF: Bearish positioning in relative safe-haven currencies also extended to the Swiss Franc. Leveraged funds added to CHF shorts for a fourth consecutive week, taking net-long positioning to -60% outstanding contracts and approaching the 1y low. Asset managers kept CHF positioning at extreme net-short.”
“GBP: Leveraged funds scaled back net-short positions from 13% of outstanding contracts to 4% net-short. Meanwhile, leveraged funds kept net-short positioning unchanged at -29% net-long, still well above the 1y lows of -65%.”
“NZD: Leveraged funds also pulled back NZD net-shorts to 45% net-shorts from 49% previously. Similarly, asset managers also reduced short positioning to 86% net short (previously 90%).”
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