*As seen in IMM Positioning report 11/18/22, subscribe at cablefxm.co.uk/reports
The CFTC report showed last week's largest move in the kiwi positioning, leveraged funds pared back previous positioning building as NZD contracts switched to net short. NZD % of open interest is now at -5.0%, lowest since mid-October
Dollar positions held by leveraged funds were trimmed, the net long now sees a % of OI at 4.2%, a 0.7pp reduction on the week. However, the graph below shows leveraged funds positioning just below its 5-year average of 6.0%. Other market participants were reported turning short on USD contracts, meaning leveraged funds have room to maneuver down
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