September 13 (Reuters) – – The latest CFTC data suggests that all was calm among international money market speculators during the week ended September 7, given the US dollar’s net long position almost unchanged. But beneath this calm surface, there has been a significant movement in positions in the Australian and New Zealand dollars, the British pound and the Swiss franc.
AUD net sell jumped to 70,488 contracts – its highest since October 2018, as long AUD crudes were reduced by 31% to 32,496. At the same time, IMM speculators moved to their bottom line. first net long position on the NZD for six weeks.
The first seven days of September also saw IMM speculators reduce gross GBP long positions and increase gross GBP short positions, taking the GBP net short position to its highest level since July 2020 – a day before comments from Bank of England Governor Andrew Bailey do not tighten the shorts in GBP.
A bearish change in CHF positioning, meanwhile, reduced the net CHF to 220 contracts – its lowest since IMM speculators turned bullish on the franc three months earlier.
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(Robert Howard is a market analyst at Reuters. The opinions expressed are his own)
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