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MXN, JPY see large changes in overall positions - TDS

FXStreet (Bali) - The FX Team at TDS reviews the latest changes in the CFTC Commitments of Traders Report, for the week ending Tuesday, August 12th, noting that MXN and JPY saw the largest changes.

For a second week in a row the most significant change in speculative positioning was a reduction in net MXN longs, according to the latest Commitments of Traders Report from the CFTC corresponding to the week ending on August 12th. Net longs on the currency were reduced by 32.5K contracts to a virtually neutral overall position. MXN boasted 79K net long contracts just two weeks ago.

JPY also saw a sizeable change in overall positioning relative to the changes reported this week in the rest of the currencies. Short covering in JPY drove the total net shorts at -81.1K contracts from -95.4K the week prior.

EUR also saw short covering, albeit by a much smaller amount. Net EUR shorts were reduced to -126.0K from -128.8K the week prior, but still remained one of the most pessimistic bets on the common currency since August 2012. Short covering benefited the CHF as well, with net shorts being reduced by 1.5K to -17.4K.

GBP was favoured by speculative investors with an extension of net longs from +12.1K to +18.8K, which, nonetheless remains within the lowest bullish bet on sterling since early February.

In turn, the commodity currencies showed lower net longs for a second week in a row. Net AUD longs were scaled back by 3.8K contracts to +29.5K, while net NZD longs saw a moderate 1.1K reduction to +13.4K contracts. Meanwhile, net CAD longs dropped to +18.0K from +21.5K, which, barring the previous three weeks, still represents the largest net CAD long position since February of 2013.

All these changes in positioning by speculative investors and CTA-type accounts translated into an overall moderate decline in the implied net USD long position from US$27bn to US$26bn. This changes align with the performance displayed by the USD in recent days, which saw the greenback softening somewhat against most of the currencies that reported improved speculative positioning this week.

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