🧮Broad USD Net Long Built By Leveraged Money: Cable FX Macro

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• The dollar is favoured by hedge funds as traders built the net long position higher for a third consecutive week, the % of open interest is now at 6.0%, the most bullish in three months.

• Yen net shorts were built on the week as % of open interest in the position moved in favour of bears by 3.2pp to -8.4%, this is the most bearish since July. JPY bulls had taken over back in October, but the position by hedge funds turned net short three weeks ago.

• Antipodes and sterling are held net long by fast money, however, there as a sharp reduction of the kiwi and pound positions this week. GBP leveraged funds' net long position remains stretched at 20.4% of open interest.