According to the CFTC’s positioning data for the week ending 2 July 2019, leveraged funds were net sellers of USD for the third consecutive week, though the selling was modest, notes the analysis team at ANZ. “This positioning change captures the reaction to the US-China trade truce agreed to at the G20 Osaka summit, but not to the strong US non-farm payrolls report last Friday. With US monetary policy firmly in focus for markets at present, US Federal Reserve Chair Powell’s testimony this week will be influential for near-term positioning.” “Surprisingly, the euro saw the largest net buying by leveraged funds in the week.” “GBP saw the largest new selling by funds and was the only currency to have been sold by asset managers.” “Changes in positioning among commodity currencies were very mixed, with CAD the clear standout with strong demand by both leveraged funds and asset managers.” “Overall within the EMFX space, leveraged funds are slightly short, but asset managers hold record long positions.”