CFTC: USD longs continue to decline – Rabobank

FXStreet (Barcelona) - The Rabobank Team shares the IMM Net Speculators’ Positioning as at 28 April 2015.

Key Quotes

“USD longs continued to decline as the Greenback found itself under pressure. Although net positioning is still firmly in long territory, USD net longs are at their lowest level since December of last year.”

“EUR shorts pared back moderately as EUR/USD continued to march higher. We expect to see a continued decline in shorts in the next CFTC report in light of the pair breaking through 1.12 to a high of 1.1290.”

“GBP net shorts increased ahead of the UK general election this Thursday (7th May). Given the uncertainty surrounding the election we may actually see GBP volatility increase further in the aftermath as political parties attempt to form a coalition.”

“JPY positioning is now only just net short and may soon move into long territory for the first time since October. CHF net positions have held just above zero for five consecutive weeks.”

“AUD net shorts continued to decline as the market pared back expectations of a rate hike this week.”

“CAD net shorts have also decreased as rebounding oil prices support the currency.”

“MXN net shorts increased as USD/MXN failed to move meaningfully lower.”