🧮 Leveraged Funds Kiwi Positioning Below Average: Cable FX Macro

• The position in NZD futures held by leveraged funds fell below its 5-year average according to data provided by the CFTC. The move was set by a drop in % of open interest of 7.4pp to -15.3%

• As of last week, the NZD joins AUD and CHF in currency contracts to be net short and below their respective 5-year averages. The Aussie and franc now stand below their 1-standard deviation band, meaning positioning is over extended