Data in this report cover up to Tuesday Feb 2 & were released Friday Feb 5. Data include the Fed and BoJ policy decisions as well as Fed VC Fischer’s comments.

The aggregate Usd Long Position has fallen to a fresh multimonth low, dropping $5.4bn w/w to $20.9bn at levels last seen in late October. This week’s changes were largely driven by a moderation in bearish sentiment toward CAD and EUR, offset somewhat by a decline in the JPY net long.

All three changes are likely the result of shifting central bank policy risks as the position date incorporates both the Fed and BoJ meetings as well as public appearances from the Fed’s Fischer and ECB’s Draghi.