CFTC: USD longs trimmed, JPY longs reduced - ANZ

Research Team at ANZ, lists down the CFTC speculative positioning data for the week ending 8 November 2016. 

Key Quotes

• “For the week ending 8 November, leveraged accounts trimmed their net long USD positions by USD3bn to USD21.9bn, the first reduction in seven weeks. However, a strong USD rally post the US presidential election pointed to a significant re-build of long USD positions, to possibly surpass the pre-election highs.
• Long USD positions were trimmed against the EUR, GBP and CHF. In particular, leveraged funds reduced their net EUR shorts by USD3bn to USD19.5bn. They also pared back on their net GBP and CHF shorts, by USD0.2bn each. For the GBP, the Bank of England's upward revision in its CPI forecasts on 3 November provided some support to the GBP.
• For the JPY, leveraged funds reduced their net longs by USD0.9bn to USD2.5bn, the lowest since May. Price action in USD/JPY post the US election points a further pare-back in net JPY longs.  
• It was a mixed bag for commodity currencies. Leveraged funds added USD0.7bn to their net CAD shorts to USD2.1bn, the highest in five weeks. Meanwhile, AUD and NZD continued to see net buying, of USD0.5bn and USD0.7bn respectively to USD4.2bn and USD2.2bn. Net AUD longs were the most since last May.
• There was a slight increase of USD0.1bn in net MXN shorts to USD1.3bn, but still below the most shorts seen in October. Price action post the US election suggests a re-build of net MXN shorts. 
• For the week, leveraged accounts raised their net shorts in 10Y US Treasuries to 69k contracts, the biggest short position since last May. The rout in US treasuries since the US election points to an extension of shorts in 10Y US Treasuries.
• Long oil positions were cut for the fourth consecutive week by 78.2k contracts.”