According to the CFTC’s positioning data for the week ending 26 March 2019, leveraged accounts remained net USD buyers, while asset managers continued to sell USD, points out the research team at ANZ.
Key Quotes
“Since the cut-off date, DXY has been gaining ground, amid global growth concerns, pressure in some emerging market currencies, Brexit uncertainty and US-China trade developments. These will likely remain drivers of USD positioning.”
“Funds and asset managers acted in opposite directions. Funds sold EUR and bought GBP, while money managers added to their EUR longs and increased their GBP shorts. However, both continued to sell JPY.”
“On commodity currencies, both funds and asset managers were overall net buyers, but mostly in CAD. On AUD, both were a small buyer, paring their net shorts in the currency. For NZD, funds added to their net shorts while money managers turned long in the currency. On EMFX, funds remained net buyers, while asset managers trimmed their net longs but remained (or were close to) extreme long in MXN and RUB.”
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