🧮 Leveraged Funds Trim Broad USD Position to Lowest Since Early March: Cable FX Macro

**As seen in IMM Positioning Report 07/09/23, subscribe at cablefxm.co.uk/reports

• The latest CFTC data showed hedge funds turning net long in Australian dollar futures, the position is now the most bullish since early March. Fast money net long AUD was raised by 6.3pp to 5.7% of open interest, this now compares to the 5-year average of -3.7%, and it is closing its gap to the upper standard deviation band

• The Canadian dollar saw the largest move this week, however, its net position remains at a 5-year average. Leveraged funds increased net long in the kiwi, the 9.0pp upside move left % of open interest at 9.4%. Hedge funds held a stretched net long in sterling futures as % of open interest remains above its standard deviation band

• As of today, only CAD and JPY stand net short vs the dollar. Sterling is the largest net long, and it is followed by the kiwi. The broad dollar position fell to the lowest since early March at 1.1% of open interest