🧮Hedge Funds Trim Yen Net Short: Cable FX Macro

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• Speculators reduced net long exposure to the USD across most currencies, with the largest bullish shift in the Japanese Yen, suggesting growing expectations of USD weakness against JPY amid potential rate differentials. This contrasts with the Euro, where net longs were trimmed despite still being heavily bullish.

• Most FX markets saw rising open interest, indicating increased participation, potentially signaling building volatility ahead of central bank decisions. The Yen bucked the trend with declining OI, possibly reflecting position squaring (% of open interest shown in upper-right chart).

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