- USD sold off last week
- Strong buying of EUR, GBP, AUD and CAD more than offset JPY selling
- Profit-taking hit JPY ahead of Fed and BoJ meetings last week
- Gross USD position vs eight IMM currency futures slumped to a short of $4.3 bn
- Funds were least bearish on the euro since May 2014
The US dollar continued to be sold last week, with strong buying of EUR, GBP, AUD and CAD more than offsetting JPY selling ahead of the Bank of Japan’s meeting. The gross dollar position against the eight International Monetary Market currency futures tracked in this report slumped by $2.6 billion to a short of $4.3 billion. A bearish dollar exposure of this magnitude was last seen in April/May 2014.