🧮Hedge Funds USD Net Long Built Higher This Week: Cable FX Macro
- Rosbel Durán
- Oct 26, 2024
- 1 min read
**As seen in Online Tools > IMM, get access now! cablefxm.co.uk/reports
Using the weekly CFTC data, our calculation for the broad dollar position saw an increase of 33.7K contracts on the week, the net long position saw the second-largest increase in % of open interest, up 2.0 percentage points. Hedge funds' % of open interest is now at the most bullish level since August
Despite the recent increase in dollar long positions from the fast money community, the % of open interest remains below its 5-year average of 3.9%. This means that there is room to build net longs further. The currencies in our watch list held net long vs the dollar are the AUD, GBP, and NZD
The changes in hedge funds' euro position have been closely tied to the spot performance, this week EUR futures saw the largest decline in the % of open interest, which is now at the most bearish level since late July
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