🧮 Leveraged Funds' Treasuries Net Short Remains Extended: Cable FX Macro

**As seen in IMM Positioning report 10/20/23, subscribe at cablefxm.co.uk/reports

• CFTC data showed relatively marginal changes on FX positioning. In terms of % of open interest, the moves were seen in sterling and antipodes. The former pared net longs as % of open interest dropped by 2.1pp to 10.5%, while the change was small compared to previous weeks, this left bullish positioning in sterling at the lowest level since mid-June. Leveraged funds pared net shorts on the Aussie while the kiwi net long was built

• Treasuries positioning remains near extended levels, hedge funds net short in 2-year Treasury futures saw % of open interest drop to -37.8%, this is the most bearish since early August. Futures positioning in the 10-year note showed leveraged funds' % of open interest ticking lower to -25.5%, both 2yr and 10yr contracts stand below their respective 1-standard deviation bands