🧮 Leveraged Funds Add Long Dollar Bets: Cable FX Macro

**As seen in IMM Positioning report 04/14/23, subscribe at cablefxm.co.uk/reports

• The latest IMM positioning data showed % of open interest in the 10Y Bond declining the most in the week. The 10Y Bond fell -3.3pp to -22.4%, the lowest since July 2019. The positioning by leveraged funds in 10-year Treasury notes is below the value of 5-year one standard deviation band

• The NASDAQ had the highest increase of open interest this week at 3.1% to a level of -11.5%, returning to the range of its 5-year standard deviation band

• The E-MINI S&P had an increase of open interest of 1.3pp to -16.5% after reaching its lowest level in 5-years at -17.8% last week. Hedge funds maintain bearish positions in E-MINI S&P futures since March 2022

• The broad dollar position extended higher as hedge funds turn short on all reporting currencies + MXN, something we have not seen since January 2022. Leveraged funds % of open interest in dollar is now 5.5%, highest since November