The latest IMM data shows that investors continued to add net long USD positions in the week that ended May 28. Aggregated net long USD positions are now equivalent to USD37.9.7bn - the highest level ever recorded when looking at the IMM data. Hence, net long non-commercial USD positions are now above the level seen last summer, when investors flocked into the greenback in the midst of the eurozone crisis. Net long USD positions are also well above the positioning seen in 2008/09. This time the USD positions are related to growing speculation that the Fed will taper its quantitative easing program and U.S. growth performance. In general, we believe that USD positioning remains stretched, underlining that it is not a one-way street for EUR/USD and GBP/USD for example, despite the elevated market focus on relative monetary policy between the Fed, BoE and the ECB.
The USD longs were added on a broad scale. Investors have turned more bearish on CHF. Non-commercial net long USD against CHF has now reached 41.4% of open interest. Investors continue to shed AUD with net shorts now standing at 20.2% of open interest. Investors slowly continue to unwind short CAD positions. Net long USD/CAD has moved from 23.9% to 23.0% of open interest.
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IMM Positioning: Investors Record Long USD
Published 06/03/2013, 07:50 AM
Updated 05/14/2017, 06:45 AM
IMM Positioning: Investors Record Long USD
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