The latest IMM data cover the week from 24 to 31 December.
What a sentiment change. Of all the central bank action in 2012, the ECB’s introduction of the OMT programme (under which the central bank can purchase sovereign bonds) is likely to have affected the currency market the most. After reaching 53 percent of open interest in June 2012, net short euro positions have gradually been unwound as the European peripheral bond markets rallied and ECB president Draghi promised that the ECB was ready "to do whatever it takes to preserve the euro."
Combined with easy US monetary policy, the result is now that net euro positioning is long for the first time in 16 months. This also implies that the "easy" move higher in EUR/USD is behind us but, depending on global macro data and Fed communication, positioning could easily turn more short the dollar.
Positioned for global growth improvement. Considering investor positioning going into 2013 there are four themes that dominate: (i) long the pro-cyclical carry currencies, (ii) short the yen, (iii) short the dollar, and (iv) modest exposure to EUR/USD. We agree with these investment themes as reflected in our FX Top Trades 2013.
To Read the Entire Report Please Click on the pdf File Below.
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IMM Positioning: Investors Net Long EUR For The First Time In 16 Months
Published 01/07/2013, 05:43 AM
Updated 05/14/2017, 06:45 AM
IMM Positioning: Investors Net Long EUR For The First Time In 16 Months
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