16 Feb 2015
FX Positioning: USD net longs fall to new lows this year – Rabobank
FXStreet (Barcelona) - The Rabobank Team reviews the IMM Net Speculators’ Positioning data as at 10 February 2014, noting that USD long positions fell to the lowest levels this year on disappointing US data.
Key Quotes
“USD positions dropped back from their recent extremely elevated level to the lowest net long this year. While the January labour market report was strong, many other recent US data releases have disappointed.”
“EUR shorts edged down from last week’s levels but remain substantial. When the SNB stepped away from its EUR/CHF 1.20 floor in mid-January one large EUR buyer was removed from the market. In addition, ECB QE confirmation and Greek political concerns have undermined the EUR."
“Net JPY shorts dropped for a fourth week and are now about half the size of their December highs. Geopolitical concerns continue to temper bearish yen bets.”
“For the third consecutive week, net GBP shorts edged lower. Pre-election uncertainty remains a negative sterling factor. However, the fact that UK assets still offer some yield coupled with assurances from BoE Governor Carney that the Bank will look through disinflation pressures on the basis that low commodity prices is good for growth should lend the pound support.”
“AUD net shorts dropped back. Last week they increased to their highest level since Jan 2013 after the RBA cut interest rates. Net CADs shorts rose to their highest levels since April 2014.”
“CHF net shorts dropped a little further following last month’s SNB’s surprise policy decision.”
Key Quotes
“USD positions dropped back from their recent extremely elevated level to the lowest net long this year. While the January labour market report was strong, many other recent US data releases have disappointed.”
“EUR shorts edged down from last week’s levels but remain substantial. When the SNB stepped away from its EUR/CHF 1.20 floor in mid-January one large EUR buyer was removed from the market. In addition, ECB QE confirmation and Greek political concerns have undermined the EUR."
“Net JPY shorts dropped for a fourth week and are now about half the size of their December highs. Geopolitical concerns continue to temper bearish yen bets.”
“For the third consecutive week, net GBP shorts edged lower. Pre-election uncertainty remains a negative sterling factor. However, the fact that UK assets still offer some yield coupled with assurances from BoE Governor Carney that the Bank will look through disinflation pressures on the basis that low commodity prices is good for growth should lend the pound support.”
“AUD net shorts dropped back. Last week they increased to their highest level since Jan 2013 after the RBA cut interest rates. Net CADs shorts rose to their highest levels since April 2014.”
“CHF net shorts dropped a little further following last month’s SNB’s surprise policy decision.”