IMM Positioning: Bearish EUR Positions Slashed Further

Published 03/09/2015, 07:54 AM
Updated 05/14/2017, 06:45 AM

The latest IMM data covers the week from 24 February to 3 March 2015 .

IMM positioning data released on Friday revealed that speculators slashed net EUR shorts last week , completing a three-week period of improved speculative EUR sentiment which has lifted non-commercial EUR positioning to the least bearish level of 2015 (fifth percentile).

In addition, the size of last week's move was noteworthy as it was the largest single week of short EUR covering since December. All in all, this change in positioning leaves more EUR downside potential, supporting our fundamental view of EUR/USD dropping towards 1.08 in 3M and 1.05 in 12M.

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