🧮IMM Positioning: Non-Commercial

• No major changes in positioning were seen this week outside EUR and CHF reduction in net longs, the latter below the 1-standard deviation band. EUR % of open interest was reduced to 3.5% from 8.3%, GBP turned short with % of open interest hitting the lowest since November

• AUD and JPY net shorts were extended, both approach their respective 1-standard deviation bands. There could still be room for downside. The Yen stands at -34.3% and the Aussie at +28.6, this is the lowest % of OI in the AUD seen since June 2020

• USD % of OI bounced back to 42.0%, not a major move week-over-week. Net long positioning peaked earlier in the month at 43.0% of OI, dollar bullish bets had not been at this level since May 2020, and positioning remains within the 5-year standard deviation bars so build-up could be expected.