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

**As seen in IMM Positioning report 10/06/23, subscribe at cablefxm.co.uk/reports

• Using CFTC data, our IMM Positioning report showed hedge funds increasing their net long dollar position on the week. The % of open interest in dollar contracts ticked higher to 4.8%, this is the most bullish since April

• As of last week, the kiwi, the franc, and sterling stand net long vs the dollar. Te latter remains above its upper one standard deviation band, meaning net long positioning is stretched in GBP futures

• Kiwi positioning saw the sharpest move up this week, leveraged funds turned net long NZD futures. The franc net long was trimmed and % of open interest saw the largest decline this week to 4.3%, this is the lowest reading since mid-August