**As seen in IMM Positioning report 03/24/23, subscribe at cablefxm.co.uk/reports
Positioning in Mexican peso futures held by leveraged funds turned short by mid-March, % of open interest is now -5.0% vs 20.0% at the beginning of the month and 30.0% at the beginning of the year
On an earlier note, we spotted that leveraged funds positioning had reached stretched levels, therefore further gains could be limited in the MXN. The peso had stood as 2023 top performer in the EMFX arena until March
What is interesting is the size of the move in positioning, looking back to the prior 5-years, leveraged funds do not hold short peso futures for long periods of time. This is the first time the net position is short since January 2022
In the G10, CAD % of OI dropped by 15pp to -12%, this is translated as leveraged funds position shifted to net short. We see room for further building as it still remains close to its 5-year average
Komentar