The latest IMM data covers the week from 5 to 12 November.
Speculative investors scaled back on net long EUR, GBP, AUD and CHF positions, and bought the USD in the week ending 12 November.
In particular, long EUR positions were unwound and long positions were halved from 13.1% of open interest to 7.3% ahead of last week's ECB meeting. The market is now neutrally positioned in the EUR/USD. Hence, the market had plenty of room to push EUR/USD higher when Yellen made her dovish comments last week.
The data also reveals that the market was speculatively short GBP going into the BoE meeting last week, which probably gave extra support to GBP when the BoE moved away somewhat from its dovish stance. We believe there is room for further GBP longs to be added over the coming weeks.
The market added in the week further to short AUD and long NZD positions. In that respect, the AUD/NZD cross is trading at the lowest level since 2008. Positioning now looks stretched and potential is building for a recovery in the cross given better data out of China and the technical picture. The RSI indicator suggests the cross is in oversold territory.
To Read the Entire Report Please Click on the pdf File Below.
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IMM Data: Neutral EUR/USD Positioning
Published 11/18/2013, 05:12 AM
Updated 05/14/2017, 06:45 AM
IMM Data: Neutral EUR/USD Positioning
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