Hedge funds increased their gross-long dollar position by 4 percent against eight IMM currency futures during the week ending April 2 according to the latest Commitments of Traders (COT) data from the US Commodity Futures Trading Commission (CFTC). Buying of JPY outweighed continued selling of EUR, with the EUR short now being the largest since November. The JPY was bought primarily due to position squaring ahead of a key Bank of Japan meeting which subsequently triggered a major amount of JPY selling.
The CAD was sold again with the net-short reaching 64,544 contracts, a position length which is approaching the record of 84,906 contracts from January 2007. Other currencies had a relatively quiet week in terms of position changes with with the AUD being sold while small buying was seen in CHF, GBP, MXN and NZD.
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