🧮Lveraged Funds Net USD Long Rises Despite Spot Weakness: Cable FX Macro

**As seen in IMM Positioning Dashboard, subscribe at cablefxm.co.uk/reports

• Hedge funds' net long dollar position extended higher according to data from the CFTC. The week recorded a reduction in GPB net longs and building in antipodes net short positions

• Our calculation of the broad dollar position held by leveraged funds saw contracts rising to net 11.69K from the prior 11.25K, this left % of open interest at 6.9%

• The broad dollar % of open interest is now at the highest level since February 2022, and the position's % of OI is now above its 5-year average of 6.7%

• A rise in the dollar net long position is diverging from recent weakness in the spot market, the USD is underperforming peers this month on better risk sentiment and lower yield advantage