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According to the CFTC’s positioning data for the week ending 16 April 2019, leveraged funds were back into USD buying mode, as the previous week’s net selling proved to be short-lived, notes the research team at ANZ.

Key Quotes

“Asset managers reverted to net USD selling after two weeks of net buying.”

“The dollar buying by funds was all against JPY and CHF, the two safe haven currencies. The better tone to global data has supported risk appetites and reduced demand for safe haven assets. JPY selling by asset managers is now in its 13th consecutive week.”

“EUR, GBP, and AUD recorded net buying by both leveraged funds and asset managers. NZD positioning remained mixed: for the third week in a row, funds pared back their net shorts while asset managers remained net NZD sellers. On EMFX, there was little change to fund positioning, while asset managers continued to increase their already stretched long exposure in MXN and RUB.”