IMM: Very little changes in positioning - TDS

FXStreet (Bali) - According to the latest CFTC Commitments of Traders Report, for the week ending Tuesday, April 14th, it revealed very little changes in positioning, notes the Research Team at TD Securities.

Key Quotes

"CFTC data for the week through April 14th revealed very little changes in positioning with the exception of MXN where there was a change of 31k contracts to switch into a net long position of 8k. This is the biggest move in spec positioning since April 2014 and follows the Banxico minutes which showed some hesitation among committee members to act on policy before the Federal Reserve hikes."

"Implied aggregate USD net long positions were scaled back to an estimated USD39bn (from USD40.6bn). The change in MXN positions accounted for the bulk of this change."

"Net EUR shorts were modestly scaled back by 3k contracts to –212k. The ECB meeting earlier this week was expected to be an uneventful announcement so investors were likely reticent to alter positioning."

"Net shorts in GBP, JPY and CAD were effectively unchanged at –3.3k, –23k and –31k respectively. Given the significant gains in CAD this week, we should a sizable reduction in net shorts in the next CFTC report."

"Net AUD shorts and NZD longs were little changed at –3.2k 0.4k contracts."