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8 Dec 2015
Positioning was stable pre-ECB, shows IMM data – Deutsche Bank
FXStreet (Delhi) – Research Team at Deutsche Bank, notes that the IMM data suggests that speculators have reduced their long dollar exposure, cutting implied USD longs as a fraction of open interest to 39% from 40% in the previous week.
Key Quotes
“This follows five consecutive weeks of growing net longs. The contraction is primarily due to reduced shorts in AUD, but net shorts in GBP, MXN and JPY were also trimmed modestly. EUR shorts saw limited extension going into last week’s ECB meeting. Surprisingly, therefore, there was no significant build-up of EUR/USD shorts in the week prior to the ECB meeting.”
“According to the Traders in Financial Futures report, leveraged funds added a marginal amount of net USD longs, while asset managers trimmed moderate amount of net longs from their implied USD long positions. Leveraged funds added a decent amount of net shorts in EUR, whereas net positions held by asset managers in EUR reversed to net longs from net shorts. Both communities decreased their net shorts in JPY, AUD and NZD, while marginally adding to their net shorts in CHF. Sentiment in MXN improved as leveraged funds trimmed their net shorts and asset managers marginally increased their net longs. Elsewhere, net positions held by leveraged funds in GBP flipped to net shorts from net longs.”
Key Quotes
“This follows five consecutive weeks of growing net longs. The contraction is primarily due to reduced shorts in AUD, but net shorts in GBP, MXN and JPY were also trimmed modestly. EUR shorts saw limited extension going into last week’s ECB meeting. Surprisingly, therefore, there was no significant build-up of EUR/USD shorts in the week prior to the ECB meeting.”
“According to the Traders in Financial Futures report, leveraged funds added a marginal amount of net USD longs, while asset managers trimmed moderate amount of net longs from their implied USD long positions. Leveraged funds added a decent amount of net shorts in EUR, whereas net positions held by asset managers in EUR reversed to net longs from net shorts. Both communities decreased their net shorts in JPY, AUD and NZD, while marginally adding to their net shorts in CHF. Sentiment in MXN improved as leveraged funds trimmed their net shorts and asset managers marginally increased their net longs. Elsewhere, net positions held by leveraged funds in GBP flipped to net shorts from net longs.”