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29 Jun 2015
CFTC: Specs increase USD longs led by JPY - ANZ
FXStreet (Barcelona) - FX Strategists at ANZ, offer the weekly summary of the CFTC positioning data for the week ending 23 June 2015.
Key Quotes
“Leveraged funds increased their overall net long USD positioning by USD3.2bn to USD18.4bn.”
“The increase in net USD longs was likely due to position adjustment post the FOMC on 17/18 June 2015. This was unsurprising given the magnitude of reduction in net USD longs last week.”
“The increase in net long USD positions was led by JPY (USD2.1bn) and EUR (USD1.9bn).”
“Net short positioning in JPY had likely increased after BoK Governor Kuroda downplayed his previous comment about JPY depreciation.”
“In light of the focus on the Greek situation, leveraged funds increased their net shorts in EUR.”
“After a week of pause, leverage investors resumed net selling in NZD as Q1 GDP came in below expectation. The 0.2% quarterly rise in Q1 GDP was much weaker than the median market expectation and the RBNZ’s forecast (0.6%). The data cements market expectation of a further RBNZ OCR cut in July.”
“Looking ahead, domestic drivers will likely take a back seat as the Greece situation takes centre stage. Risk currencies are likely to take a hit until the referendum is held on 5 July when the Greeks will have to decide if they support the proposal from their creditors.”
Key Quotes
“Leveraged funds increased their overall net long USD positioning by USD3.2bn to USD18.4bn.”
“The increase in net USD longs was likely due to position adjustment post the FOMC on 17/18 June 2015. This was unsurprising given the magnitude of reduction in net USD longs last week.”
“The increase in net long USD positions was led by JPY (USD2.1bn) and EUR (USD1.9bn).”
“Net short positioning in JPY had likely increased after BoK Governor Kuroda downplayed his previous comment about JPY depreciation.”
“In light of the focus on the Greek situation, leveraged funds increased their net shorts in EUR.”
“After a week of pause, leverage investors resumed net selling in NZD as Q1 GDP came in below expectation. The 0.2% quarterly rise in Q1 GDP was much weaker than the median market expectation and the RBNZ’s forecast (0.6%). The data cements market expectation of a further RBNZ OCR cut in July.”
“Looking ahead, domestic drivers will likely take a back seat as the Greece situation takes centre stage. Risk currencies are likely to take a hit until the referendum is held on 5 July when the Greeks will have to decide if they support the proposal from their creditors.”