🧮Leveraged Funds Dollar Net Long At Highest Since April: Cable FX Macro

**As seen in IMM Positioning report 10/13/23, subscribe at cablefxm.co.uk/reports

• CFTC data showed hedge funds increasing their net long USD position as of the week ending on October 10. Percentage of open interest in the broad dollar position rose marginally by 0.6pp, but this left the metric at 5.4%, the highest since mid-April

• While hedge funds hold the most bullish dollar position seen in months, some currencies like the franc and the kiwi remain net long vs the USD. The most extended long is seen in sterling, however, the GBP position was squared last week

• This was the fifth consecutive week leveraged funds' broad dollar net long is built, and it is now matching its five-year average