There was a material shift in positions held by foreign exchange speculators into last week's raft of monetary policy announcements from central b
There was a material shift in positions held by foreign exchange speculators into last week’s raft of monetary policy announcements from central banks.
CFTC data on FX positioning showed the net AUD short jumped to an all-time high in the week ended March 19 – a day when the Australian dollar was negatively impacted by a dovish hold from the Reserve Bank of Australia.
The net JPY short rose for the first time in three weeks into the Bank of Japan’s relatively dovish hike on March 19, while the net CHF short climbed for a seventh consecutive week ahead of the Swiss National Bank’s rate cut surprise on March 21, which sent the franc tumbling.
The net GBP long position shrank from a 17-year high ahead of the Bank of England’s dovish hold on March 21, which hurt the pound, with the net EUR long contracting to 48,342 contracts – its lowest level since October 2022.
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