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Our calculation of broad dollar positioning, using CFTC data, showed hedge funds trimming the net long USD position to 113.4K contracts, a 26.4K reduction. This was translated into a drop of 1.7pp in open interest, no other currency fell in OI terms this week.
The 5.7% of open interest in the net dollar long is still above its 5-year average and remains within its one standard deviation band. An increase of bullish sentiment has sent the % of OI in the yen to the least bearish since October, fast money is now short only 667 contracts.
Sterlings is the only currency standing net long vs the dollar, hedge funds added 3.9K contracts on the week to 41.4K. We have seen bullish bets increased on the pound for consecutive weeks now.
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