Percentage of open interest in non-commercial positioning saw the most pronounced moves in NZD and USD this week.
NZD % of OI moved up by 8pp to 30%, this is above the extended net long mark of 21% or 1 standard deviation above the mean in a five-year history. This would put both antipodes at stretched positioning since AUD shorts are also 1-std deviation below average, eyes on AUD/NZD
The USD, measured as DXY % of OI fell by 7pp to 48%, however, this is still elevated in historical terms. CAD net shorts were trimmed and %of OI moved up to -17% from -24%.
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