CFTC: specs reducing Aussie longs - Westpac

Analysts at Westpac noted the CFTC’s Commitment of Traders report that showed the expected further reduction in AUD spec longs which kicked off with Australia’s Q1 CPI shocker.

Key Quotes:

"Leveraged funds cut net longs from 40.2k contracts to 28.1k, well down from 61.2k on 26 Apr though still a decent size. Asset managers reduced their AUD net longs by 4k to 25k over the week to 17 May.

Leveraged funds reduced EUR net shorts again, to just -22.5k, not ideal timing ahead of the FOMC minutes and Fed jawboning. They also increased JPY longs slightly, to 30.2k."