🧮Dollar % Of Open Interest Rises to Highest In A Year: Cable FX Macro

**As seen in IMM Report 10/27/23, subscribe at cablefxm.co.uk/reports

• Hedge funds' bullish positioning in the dollar extended last week, according to data provided by the CFTC. Futures positioning data is published by reporting currency vs the dollar. There is no dollar aggregate series in the CFTC report, the IMM Positioning report includes our calculation for the broad dollar statistics each week

• Our metrics show the broad dollar positioning at the highest in a year, the % of open interest in futures held by leveraged funds rose to 6.0% from 5.3%. This week, the largest declines were recorded in NZD, GBP, and JPY. The kiwi halved its % of open interest to 5.0% after nearing extended levels

• The broad dollar % of open interest is about 7/10 of a percent above its long-term average. The metric is still below its best levels of 2022. While other currencies like the kiwi and sterling have positioning near stretched levels, leveraged funds' bullish position in dollar is not alarmingly crowded despite rising to the highest level in a year