The following are key points in ANZ’s analysis for the latest speculative positioning report (positioning data is for the week ending 13 May.
• Leveraged funds reduced their net short positions against the USD by USD6.9bn after the prior week’s increment, likely reflecting the reduction in net long positioning in both EUR and GBP.
• Among the majors, EUR saw the biggest decline in net positioning in the survey week. Net long positioning in EUR reduced by 34k (USD6.0bn) to 11k as EUR/USD continues to stay depressed due to speculations on possible ECB policy actions.
• There was a reduction for the third consecutive week in GBP from its multi-year highs. Leveraged fund reduced net positioning in GBP for the third week after it reached multi-year highs in April, decreasing by 9k contracts (USD1.1bn) to 109k contracts.
• AUD long reverses to register a new high again since April 2013. After two consecutive week of decline in net positioning, AUD long registered a new high in net positioning since April 2013, increasing by 10k contracts (USD0.9bn) to 30k contracts.
