USD Longs Dropped, EUR Shorts Reduced - Rabobank
Research Team at Rabobank, lists down the IMM Net Speculators’ Positioning as at 19 April 2016.
Key Quotes
“Despite
the dovish position of the ECB, speculators have reduced their net EUR
shorts for five consecutive weeks. They now stand at almost one quarter
of the size of their December high.
Net USD longs dropped a
little further last week. Positions are at their lowest since June
2014 just prior to the sharp increase in USD buying in H2 2014.
JPY
longs continued to rise. They have recently pushed up to multi year
highs suggesting that talk of FX intervention was not taken seriously.
The yen dropped in the spot market late last week on speculation
regarding the outcome of the forthcoming BoJ policy meeting.
Net
sterling shorts climbed for a fifth consecutive week, to their highest
point since June 2013. GBP remains vulnerable to political uncertainty
ahead of the June 23 referendum on EU membership, though the better
position of the ‘Remain’ camp in the opinion polls lent the pound some
support in the spot market last week.
Net CHF long positions
continued to move higher last week to their strongest levels since June
2015. The SNB last month reiterated its threat that it could intervene
to offset demand for the CHF.
Net AUD long positions increased
for a fifth consecutive week on optimism around the domestic economic
outlook and stronger iron ore prices. CAD net positions held in positive
territory for a third consecutive week. Oil remains a key influence.”
