Funds turning net AUD? - Westpac

Analysts at Westpac noted that leveraged funds started 2017 with net short AUD positions, given the upbeat mood on USD at the time. 

Key Quotes:

"This soon changed, with these funds net long since 24 January." 

"The combined net longs of leveraged funds and asset managers by late March 2017 had reached a high since late April 2016 (just ahead of the RBA rate cut)."

"Since early April, these positions have been unwound, slowly at first but recently returning to small net shorts."

"Real money managers are also slightly net short AUD."