**As seen in IMM Positioning report 12/03/21, subscribe at cablefxm.co.uk/report
Last week positioning saw the USD extend net longs to overstretched territory, % of open interest increased by 7pp to 69%, this is above the 1-standard deviation band. USD net longs reached the highest level since October 2019
The largest declines were seen in high beta FX, NZD % of OI fell by 10pp to 22%, CAD % of OI fell 7pp to -9.5% extending net short positioning
With the latest week adjustments, NZD comes off from above the 1-standard deviation band, leaving overstretched positioning. AUD extends net shorts by 6pp to -40% of open interest, stands below its 1-standard deviation band
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