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IMM Positioning: Unwinding Of EUR Longs Continues‏

ByDanske Markets
Published 12/03/2013, 07:04 AM
Updated 05/14/2017, 06:45 AM
EUR/USD
0.52%
AUD/NZD
0.08%

The latest IMM data cover the week from 19 to 26 November. The graph on the right gives an overview of the positioning in the different currencies.

IMM positioning data released yesterday (delayed due to Thanksgiving) showed a continued unwinding of EUR net longs and for the first time since the beginning of August absolute EUR-positioning is now (marginally 400 contracts) short.

Net long dollar positions were also added in the week ending 26 November . Investors added aggregate dollar longs from USD15.7bn to USD19.1bn and USD-positioning hence continues to be stretched from a historical perspective. The FX market appears to be gradually gearing up for USD strength suggesting that strong payrolls on Friday, which would raise the chance of December Fed tapering markedly, may not necessarily steer a large move lower in the EUR/USD.

Also, net shorts were added in the commodity currencies. Most notably 12,400 net CAD short positions (contracts) were added and total CAD short positioning is now again stretched after two and a half months in marginally short/neutral territory. The positioning in the AUD/NZD cross remains stretched to the downside, although more NZD net shorts than AUD net shorts were added last week. Perhaps an indication that the cross is finally about to bottom out.

Investors continue to add short JPY positions (another 11,000 contracts last week) and total JPY net positioning is now below the first percentile in a historical sense.

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


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