🧮Hedge Funds Increased Bullish Dollar Position to A 3-Month High: Cable FX Macro

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• The latest CFTC data showed leveraged money building on its net long USD position last week, the % of open interest is now at 6.0%, the highest level since mid-August and around 2pp above its long-term average.

• We noted the largest adjustments were seen in kiwi and sterling longs trimming, the latter is the most bullish expression against the dollar. GBP net long % of open interest fell dramatically by 6.0pp to 20.4%, this remains over-extended net long relative to its long-term positioning upper bound.

• Outside the G10, the Mexican peso trimmed bearish views to stand back at neutral, however, the leveraged fund positioning data has been very volatile here. The Brazilian real net short increased on the week by almost 9.0pp, positioning is still close to its long-term average.