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Analysts at Nomura note that the leveraged funds extended USD longs in the week ending Tuesday 22 May.

Key Quotes

“According to our BIS volume-weighted measure, net-long USD positions reached 5.4% of outstanding contracts, the highest level since early January 2018 (previous: 1.3%). Asset managers also reduced net-short positioning, from 10% to 3%.”

JPY: Both leveraged funds and asset managers reduced JPY long positioning. Leveraged funds are now just 3% net-long JPY (previous: 10%) and asset managers are 1% net-long (previous: 28%).”

GBP: Leveraged funds increased GBP net-longs to 45% of outstanding contracts, from 33% previously. This is still below the highs of 59% reached in February and 58.2% in early April. Meanwhile, asset managers increased net short positioning to 19% of outstanding contracts, from 15% previously.”

AUD and NZD: We saw long a further reduction in leveraged fund AUD and NZD positioning, now both net-short at 19% and 2%, respectively.”