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26 Jan 2015
CFTC Speculative Positioning - ANZ
FXStreet (Guatemala) - Analysts at Australia and New Zealand Banking Group offered a weekly summary of the CFTC Speculative Positioning for the week ending 20 Jan 2015.
Key Quotes:
"Leveraged funds decreased their overall net long USD positioning by USD2.3bn for the first time in 5 weeks, to USD38.6bn. The reduction in USD positioning was mainly driven by net buying in CHF and JPY."
"Positioning data for the last few weeks has been skewed in anticipation of monetary easing by the ECB."
"Now that markets have digested ECB’s QE decision on 22 January, positioning data going forward is likely to take its cue from the upcoming FOMC meeting and US GDP on 29 and 30 January respectively."
"Despite the move in USD/CHF to 0.84 from 1.02 on SNB decision to abandon the EUR/CHF floor on 15 January, net short positioning has yet to turn positive at the cut-off date. Net short positioning was reduced to USD1.5bn from USD3.0bn."
"JPY saw the largest net buying for the week. Net short positioning in JPY was reduced to USD7.6bn from USD9.3bn."
"Commodity currencies saw marginal reduction in net short positioning, likely on the back of the stabilisation in oil prices. Net buying of USD0.1bn was registered in the week, helped mostly by the AUD."
"EUR and GBP bucked the trend for the week, continuing to register net selling, likely in anticipation of the ECB quantitative easing program on 22 January. Post the cut-off date, net short positioning of EUR is likely to have increased due to the surprise scale of ECB’s QE, driving EUR/USD to 1.11 from 1.16."
Key Quotes:
"Leveraged funds decreased their overall net long USD positioning by USD2.3bn for the first time in 5 weeks, to USD38.6bn. The reduction in USD positioning was mainly driven by net buying in CHF and JPY."
"Positioning data for the last few weeks has been skewed in anticipation of monetary easing by the ECB."
"Now that markets have digested ECB’s QE decision on 22 January, positioning data going forward is likely to take its cue from the upcoming FOMC meeting and US GDP on 29 and 30 January respectively."
"Despite the move in USD/CHF to 0.84 from 1.02 on SNB decision to abandon the EUR/CHF floor on 15 January, net short positioning has yet to turn positive at the cut-off date. Net short positioning was reduced to USD1.5bn from USD3.0bn."
"JPY saw the largest net buying for the week. Net short positioning in JPY was reduced to USD7.6bn from USD9.3bn."
"Commodity currencies saw marginal reduction in net short positioning, likely on the back of the stabilisation in oil prices. Net buying of USD0.1bn was registered in the week, helped mostly by the AUD."
"EUR and GBP bucked the trend for the week, continuing to register net selling, likely in anticipation of the ECB quantitative easing program on 22 January. Post the cut-off date, net short positioning of EUR is likely to have increased due to the surprise scale of ECB’s QE, driving EUR/USD to 1.11 from 1.16."