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Based on the Commodity Futures Trading Commission (CFTC) data for the week ended on August 27, the Australia and New Zealand Banking Group (ANZ) anticipate funds rebuilding their long US Dollar (USD) positions volatile while saying that the leveraged funds turned a net US Dollar (USD) seller for the second consecutive week while asset managers doing exactly opposite.

Key quotes

Leveraged funds sold USD for the second week, while asset managers bought USD for two weeks in a row. Post the cut-off date, USD rebounded to scale to a new high in this cycle, which could see funds rebuild their long USD positions.

Funds sold USD against EUR and CHF, while selling GBP and JPY. Meanwhile, money managers acted differently, buying USD against EUR, JPY and CHF, and were a net buyer of GBP.

Commodity currencies saw overall net selling by both funds and asset managers. Both pared their net CAD longs. However, they did the opposite in AUD, with funds being a buyer and money managers a seller. On NZD, funds were a seller while asset managers’ position was unchanged. Both funds and money managers remained net short in AUD and NZD.

On EM FX, funds’ net longs were unchanged while asset managers pared their net longs for the fourth successive week.