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Currency Speculators Shun Usual Havens Despite Ukraine Tensions

  • Leveraged funds most short on yen since November, data shows
  • ‘If you look at FX, it’s pretty much a risk-on scenario’

Speculators in foreign-exchange markets are steering clear of the typical havens even as the conflict between Russia and Ukraine grows more tense. 

Leveraged funds’ net short positioning in the yen has increased in seven out of the last nine weeks and sits at its most bearish since November, according to Commodity Futures Trading Commission data released Friday. Net positioning in the Swiss franc, another preferred haven asset for currency traders, has been short since September, though it did grow less bearish in last week’s CFTC data.