🧮Leveraged Funds Pare USD Bearish Bets: Cable FX Macro

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• Leveraged funds pared their net short dollar exposure, according to data provided by the CFTC. Our calculation of the broad dollar position held by hedge funds showed investors paring bearish bets on the USD for the second consecutive week.

• Hedge funds % of open interest on the dollar, a measure of positioning in a currency futures contract, is now at 0.9% vs the prior week's 0.0%.

• We noted dollar bearish positioning reaching stretched levels in early May as hedge funds' % of open interest got as far as its 5-yr one standard deviation band.