This week, CFTC data showed hedge funds turning net long JPY futures, a switch from a net short that has been held since early 2021
While the net long is relatively small, it has limited upside room as the % of open interest rose 6.8pp on the week and stands above its 5-year one standard deviation band
Hedge funds stand net long JPY, GBP, and NZD as of last week. However, the CFTC survey data did not cover the RBNZ rate cut, which may affect respondents on the next reading
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