📝 CTA MXN Positioning Increases For Third Straight Week: UBS Strategy

In G10, CTA strategies continue to favor CHF, holding positioning as net long 83% vs. USD. JPY positioning increased since Thursday, with strategies now sitting net long 59%, up from 42% then. CAD remains the favored short against the dollar with strategies net short 83% (has remained unchanged since March 9). EUR and GBP positioning each hold net longs of 50% vs USD (change of -9% and flat from Thursday respectively).

CTAs have increased their exposure in Asia FX. The largest swing can be seen in IDR, with CTAs flipping from net short 17% on Thursday to being net long 25% today. INR positioning was left unchanged from short 33%. CNH positioning increased against the dollar to grow to net long 36% (up from +25%). CE3 positioning remains strong, however there was little movement in positioning over the weekend (PLN +67%, HUF +41%, CZK +75%). MXN positioning has continued to increase for the third straight week to lie net long 59% MXN.

- UBS Strategy