19 Jun 2015
FX: CFTC Commitments of Traders Report - TDs
FXStreet (Guatemala) - Analysts at TD Securities offered the CFTC Commitments of Traders Report - Week Ending Tuesday, June 16th.
Key Quotes:
"IMM data reflected some surprising twists and turns in positioning in the major currencies in the latest reporting week (through June 16th). Overall positioning was reduced significantly, taking the aggregate bull bet on the USD implied by positioning in the major currencies down to USD26.2bn, from the previous week’s USD 37.2bn bull bet. This is the lowest overall exposure held by CTA and leveraged accounts since the depths of last summer. In fact, the last time we saw similarly-sized fall in positioning was around this time of the year in 2013. The proximity of summer markets, heightened uncertainty and increased volatility may all have played a part in the choice to reduce positioning this week."
"Positioning in the EUR accounted for the bulk of the change; net EUR shorts fell from –137k contracts to –89k contracts this week, a round of short-covering that equates to something close to USD5 bn in total. Recall that the IMM’s bear bet on the EUR amounted to –226k contracts at the end of March."
"Net JPY shorts were cut aggressively too, falling from –116k contracts last week to –80k this week. Net CHF longs of 10k last week were halved to +5k this week. Net GBP shorts were relatively stable at –25k this week (-28k last)."
"In the dollar bloc, the AUD saw the largest change of heart, with net shorts reduced by 10k contracts this week to –4k. Net NZD shorts were reduced slightly to –9k contracts while net CAD shorts were also reduced only modestly (-12.2k contracts from –13.7k in the prior week)."
"Speculators stuck with the MXN bear bet this week, pushing the net short out modestly to –52.5k contracts from the –51.1k total in the prior week."
Key Quotes:
"IMM data reflected some surprising twists and turns in positioning in the major currencies in the latest reporting week (through June 16th). Overall positioning was reduced significantly, taking the aggregate bull bet on the USD implied by positioning in the major currencies down to USD26.2bn, from the previous week’s USD 37.2bn bull bet. This is the lowest overall exposure held by CTA and leveraged accounts since the depths of last summer. In fact, the last time we saw similarly-sized fall in positioning was around this time of the year in 2013. The proximity of summer markets, heightened uncertainty and increased volatility may all have played a part in the choice to reduce positioning this week."
"Positioning in the EUR accounted for the bulk of the change; net EUR shorts fell from –137k contracts to –89k contracts this week, a round of short-covering that equates to something close to USD5 bn in total. Recall that the IMM’s bear bet on the EUR amounted to –226k contracts at the end of March."
"Net JPY shorts were cut aggressively too, falling from –116k contracts last week to –80k this week. Net CHF longs of 10k last week were halved to +5k this week. Net GBP shorts were relatively stable at –25k this week (-28k last)."
"In the dollar bloc, the AUD saw the largest change of heart, with net shorts reduced by 10k contracts this week to –4k. Net NZD shorts were reduced slightly to –9k contracts while net CAD shorts were also reduced only modestly (-12.2k contracts from –13.7k in the prior week)."
"Speculators stuck with the MXN bear bet this week, pushing the net short out modestly to –52.5k contracts from the –51.1k total in the prior week."