Weekly US futures positioning data for the week ending June 11, 2021:
- EUR long 107K vs 109K long last week. Longs trimmed by 2K
- GBP long 27K vs 24K long last week. Longs increased by 3K
- JPY short 37K vs 47K short last week. Shorts trimmed by 10K
- CHF long 1K vs flat last week. Shorts increased by 1K
- AUD short 9K vs 2K short last week. Shorts increased by 7K
- NZD long 5K vs 6K long last week. Longs trimmed by 1K
- CAD long 45K vs 49K long last week. Longs trimmed by 4K
The main move was in buying the yen and selling the Australian dollar. That’s a classic risk off trade and reflects the apprehension in broader markets.
Looking at the chart… is AUD/JPY taking a long pause, or topping out? Either way, the next move will be a big one.