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IMM Positioning: Near-Record USD Longs

ByDanske Markets
Published 05/27/2013, 07:21 AM
Updated 05/14/2017, 06:45 AM
The latest IMM data covers the week from 14 May to 21 May.

The dollar appreciated against all the major currencies except CNY in May, and investors have added even further to already stretched long positions. Net aggregate longs were built to USD34bn last week, and are now as stretched as in June 2012 at the height of the European sovereign debt crisis. Expectations of a reduction in the Fed’s asset purchases have the potential to drive the dollar even stronger, but one should remember that it does not take much to trigger a correction when market positioning is very one sided.

Broad-based dollar optimism: Non-commercial investors are longing the dollar against all the currencies covered in the IMM data except NZD and MXN. Last week in particular witnessed dollar longs being added against the EUR (net shorts are back at December 2012 levels), AUD (net shorts are near 2 sigma below the historical average) and NZD.

To Read the Entire Report Please Click on the pdf File Below.

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