USD longs extended – ANZ

According to the CFTC’s positioning data for the week ending 2 April 2019, both leveraged funds and asset managers were net USD buyers.

Key Quotes

“Funds extended their net USD longs for the fourth successive week, while money managers trimmed their net USD shorts after two weeks of selling.”

“Looking forward, we expect USD positioning to continue to be driven by incoming data amid concerns over global growth, Fed policy guidance and further developments in US-China trade talks.”

“USD buying by funds was concentrated in EUR while they sold USD against the GBP and JPY. Meanwhile, asset managers bought USD to trim their net longs in EUR and extended their net shorts in GBP and JPY.”

“On commodity currencies, funds were a net buyer for two weeks in a row, trimming their net AUD and NZD shorts while selling CAD. Meanwhile, money managers sold commodity currencies across the board.”

“On EMFX, both leveraged accounts and money managers were net sellers, reducing their longs. Money managers remain extreme long in MXN and RUB.”