🧮 Leveraged Funds Turns Short Antipodes: Cable FX Macro

**As seen in IMM Positioning report 04/14/23, subscribe at cablefxm.co.uk/reports

• The latest IMM positioning data showed % of open interest in AUD and NZD declining the most this week. AUD fell by 5 percentage points to -1.4%, the lowest since mid-February

• Leveraged funds had held a long position in the Australian dollar since end of February, despite the turn, the latest read is far from its 5-year average of -9.8% in open interest

• With NZD futures % of OI at -0.8% vs prior 3.0%, hedge funds now stand net short in both currencies, something we have not seen since late January

• Leveraged funds increased bearish bets in yen futures, the % of open interest is now at -26.4%, this is below its 5-year one standard deviation band, meaning that the extent of the position is extreme