Futures market speculative positioning data from the CFTC as of the close on Tuesday:

  • EUR net short 51K vs short 66K prior
  • JPY net short 78K vs short 78K prior
  • GBP net short 70K vs short 65K prior
  • AUD net long 78K vs long 84K prior
  • CAD net short 65K vs short 63K prior
  • NZD net long 25K vs long 18K prior
  • CHF net short 10K vs short 12K prior
  • US Dollar Index longs at 50K vs 54K prior

A few things jump on in this report but mainly it’s that positioning hasn’t changed at all since the BOJ decision. Yen positioning is still heavily short but you would think a 700 pip move would attract some fresh interest.

The lack of fresh AUD longs is also a bit of a surprise to me, given the continued rise in the Australian dollar. It shows the market is somewhat cautious.

Finally, the NZD longs jumped as the pair approaches a record high. Feels like the market might be getting too tilted in one direction.