Hedge funds trimmed their dollar position versus eight IMM currency futures by one billion during the week ending April 16. One of the main themes was the sell-off in commodities which resulted in the selling of CAD but especially AUD which thereby slipped behind the Mexican peso in the most-favoured currency rankings. The CAD (net-short) and NZD (net-long) both reached new records while JPY selling resumed, primarily driven by holders of longs using the uptick to bail out of non performing positions.
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