Speculators were undeterred by the threat
of BOJ intervention. In the CFTC reporting period ending April
12, speculators boosted their net and gross long yen positions to new record
highs. The bulls added 2k contracts to
their gross long position to give them
100.1k yen futures contracts. The bulls,
who had tried picking a bottom over the past two reporting periods, gave up and
reduced their gross short position by 4.1k contracts to 33.9k. The resulted in
a 6k increase in the net long position, lifting it to 66.2k contracts.
Speculators reduced euro exposure. The bulls
liquidated 8.8k contracts, reduced the net long position to 89.2k contracts.
This is the smallest since
February. The bears trimmed their
gross short position by 10.2k contracts, leaving them with 141.3k. This is the smallest
position since last October. These
gross position adjustments trimmed the net short position (by nearly 1.5k
contracts to 52.1k), for the fourth consecutive week.
The bulls
added 12.5k Australian dollar contracts to its gross long position, giving them
90.8k contracts. This
is the largest position in three
years. Among the currency futures we track, the gross long Aussie position is the second highest behind the yen,
surpassing the euro. The top pickers added 4.3k contracts to their gross short position, raising it to 55.6k
contracts. The net long position of 35.1k contracts is the largest in two
years.
The other significant (more than 10k
contracts) gross position adjustment was in the Mexican peso. The gross short
position increased by 14.4k contracts to 87.1k. The gross longs were trimmed by 300 contracts to 40.5k.
There were a few other highlights. The net short sterling position
rose to 51.3k contracts (from 46.k), the largest since 2013. However,
both gross longs and gross shorts were reduced. The net long Swiss franc
futures position end up to 8.2k contracts (from 5.6k), which represents a new
high in a year. Minor adjustment in the gross positions lifted the net long New
Zealand dollar position to new highs for this year (4.3k contracts).
In terms of overall pattern, speculators continued to
cover short currency exposure. Of the eight currency futures, we track there were two exceptions.
We have noted both already, the Australian dollar (+4.3 contracts) and
the Mexican peso (+14.4k).
Speculators dramatically reduced their net
short 10-year Treasury position to 24.4k contracts from 117.3k contracts. This was a function of a 84.4k contract jump in
the gross long position to 469.3k contracts. The bears covered 8.5k short
contracts leaving 493.7k contracts.
Speculators reduced exposure to the oil
futures market ahead of the Doha meeting of OPEC and non-OPEC meeting. The bulls
liquidated 11.5k gross long contracts. They now have 530.3k long
contracts. The bears covered 10.5k short contracts leaving 241.1k.
12-Apr | Commitment of Traders | |||||
Net | Prior | Gross Long | Change | Gross Short | Change | |
Euro | -52.1 | -53.5 | 89.2 | -8.8 | 141.3 | -10.2 |
Yen | 66.2 | 60.1 | 100.1 | 2.0 | 33.9 | -4.1 |
Sterling | -51.3 | -46.5 | 33.8 | -5.7 | 85.2 | -1.0 |
Swiss Franc | 8.2 | 5.6 | 17.5 | 1.0 | 9.2 | -1.7 |
C$ | 2.4 | 0.1 | 29.0 | -0.6 | 26.6 | -2.9 |
A$ | 35.1 | 26.8 | 90.8 | 12.5 | 55.6 | 4.3 |
NZ$ | 4.3 | 2.9 | 21.5 | 1.3 | 17.2 | -0.1 |
Mexican Peso | -46.6 | -31.9 | 40.5 | -0.3 | 87.1 | 14.4 |
(CFTC, Bloomberg) Speculative positions in 000's of contracts |
Disclosure
Yen Speculators Continue to Press
Reviewed by Marc Chandler
on
April 16, 2016
Rating: