Aggregated net long USD positions are now equivalent to USD25.6bn (down USD9.8bn over the week). Most of this correction is seen against the euro with net short positions being cut from 21% of open interest to just 3%. Together with evidence that euro money market rates are about to top out, this suggests that EUR/USD could also be near a short-term peak. The next focal point is of course the Fed meeting on Wednesday.
The drop in USD/JPY from 100 to 96 during the week that the data covers is also visible in the data. Net short JPY positions dropped from 37.8% of open interest to 29.9%. But short JPY positions look stretched with positions still trading more than one standard deviation away from the historical mean. JPY positioning has been 'stretched' since December last year.
Record short CHF positions have been scaled back from 40% of open interest to 31.8% at present. We also note that NZD - which for a while has actually been the only G10 investor favorite against USD has lost some of its shine, and net long positions have fallen from 23.6% of open interest to 10.1%.
To Read the Entire Report Please Click on the pdf File Below.
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Investors Finally Scale Back On Short EUR/USD Positions
Published 06/17/2013, 09:10 AM
Updated 05/14/2017, 06:45 AM
Investors Finally Scale Back On Short EUR/USD Positions
The latest IMM data shows that for a second week in row, investors scaled back on record long aggregated USD positions in the week ending June 11.
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