**As seen in IMM Positioning report 07/02/23, subscribe at cablefxm.co.uk/reports
The latest CFTC data showed an increase in % of open interest as leveraged funds pared bearish bets on cyclical currencies. Australian dollar positioning is now neutral, the Canadian dollar trimmed its net short, the N.Z. dollar trimmed its net long. Hedge funds have been net long in the kiwi since mid-April
A bullish position had been building in the Swiss franc since the end of May, leveraged funds turned short after a 4.8pp drop in % of open interest. Futures positioning in the yen remains close to its lower one standard deviation band, last at -21.3% of open interest
Sterling is the only currency to show an extended net long position, the latest data showed a 15.3% of open interest held by leveraged funds, the prior week had seen an 18.6%
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