5 May 2014
AUD sees 1st decline in net longs in 6 weeks - ANZ
FXStreet (Bali) - HuiYing Chan, FX Strategist and Khoon Goh, Senior FX Strategist, both working for ANZ, provided the highlights of the latest changes in positioning data for the week ending 29 April 2014.
Key Quotes
"Leveraged funds reduced their net short positions against the USD by USD2.3bn after reaching their highest position in the prior week since October 2013. The reduction in positioning was made after revisiting the net positioning extremes seen on three occasions since 2012."
"There was a decline in net positioning for the major currencies except for the JPY and NZD. Notably, the decline took place after AUD reached recent record highs in net long positioning and GBP reached multi-year highs in net long positioning in the prior week."
"AUD saw the first decline in net long positioning after six consecutive weekly increases, down by 4.4k contracts (USD0.4bn). Some of this reduction of the AUD net long positions was likely a result of the release of the weaker than expected Australian CPI data, which weakened the AUD. This week’s RBA meeting and a slew of data may further impact net long positioning."
"We also saw a reduction in GBP net positioning after prior week’s multi-year highs. For the week, leveraged funds reduced 5.2k contracts (USD0.5bn). EUR net long positions were also reduced, falling by 5.1k contracts (USD0.9bn)."
"The net long non-commercial position in gold was virtually unchanged over the week at 112.1k contracts, as gold managed to trade a tight USD38.0/oz range for the week. A marginal increase in gross long positions of 2.4k contracts to 165k was partially offset by a 0.9K increase in gross short positions. Net long positions in crude oil fell by 10.5k contracts to 419.9k."
Key Quotes
"Leveraged funds reduced their net short positions against the USD by USD2.3bn after reaching their highest position in the prior week since October 2013. The reduction in positioning was made after revisiting the net positioning extremes seen on three occasions since 2012."
"There was a decline in net positioning for the major currencies except for the JPY and NZD. Notably, the decline took place after AUD reached recent record highs in net long positioning and GBP reached multi-year highs in net long positioning in the prior week."
"AUD saw the first decline in net long positioning after six consecutive weekly increases, down by 4.4k contracts (USD0.4bn). Some of this reduction of the AUD net long positions was likely a result of the release of the weaker than expected Australian CPI data, which weakened the AUD. This week’s RBA meeting and a slew of data may further impact net long positioning."
"We also saw a reduction in GBP net positioning after prior week’s multi-year highs. For the week, leveraged funds reduced 5.2k contracts (USD0.5bn). EUR net long positions were also reduced, falling by 5.1k contracts (USD0.9bn)."
"The net long non-commercial position in gold was virtually unchanged over the week at 112.1k contracts, as gold managed to trade a tight USD38.0/oz range for the week. A marginal increase in gross long positions of 2.4k contracts to 165k was partially offset by a 0.9K increase in gross short positions. Net long positions in crude oil fell by 10.5k contracts to 419.9k."