**As seen in IMM Positioning report 07/14/23, subscribe at cablefxm.co.uk/reports
Last week saw the spot FX USD post its worst 5-day performance since March 2020, the Cable FX Macro Dollar Index dropped by 4.3% on the week.
However, the IMM positioning data seems detached from spot markets. It is worth noting that the CPI and PPI data released after the survey was gathered
Broad dollar position stands at 2.4% of open interest, up from the prior 1.1% and lower vs its 5-year average of 6.3%
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