9 Mar 2015
IMM net speculators’ positioning - Rabobank
FXStreet (Guatemala) - Analysts at Rabobank gave the IMM net speculators’ positioning as at 03 March 2015.
Key Quotes:
"Long USD positions maintained a consolidative tone ahead of last week’s US February payrolls report. Longs are off their recent highs but are still at very elevated levels."
"EUR shorts fell for the fourth consecutive week although they remain substantial. The recent falls in the EUR/USD spot price suggest shorts may have rebounded into last week’s ECB policy meeting."
"For the first time in six weeks GBP net shorts pushed higher. Pre-election uncertainty is a negative sterling factor. However, the fact that UK bonds still offer better yield relative to many European alternatives coupled with assurances from BoE Governor Carney that the Bank will look through disinflation pressures (on the basis that low commodity prices is good for growth), has recently lent the pound some support."
"Net JPY shorts edged higher for the first time in seven weeks. The downward revision in Japanese Q4 GDP data should support speculation that the BoJ could ease policy again."
"AUD net shorts dropped back modestly from their highest level since Jan 2014. Net CADs shorts increased to their highest levels since Mar 2014 ahead of the March 4 BoC meeting. However, the BoC played down the chances of a rate cut."
"CHF net shorts appear to have settled at moderately negative levels after January’s SNB’s surprise policy decision."
Key Quotes:
"Long USD positions maintained a consolidative tone ahead of last week’s US February payrolls report. Longs are off their recent highs but are still at very elevated levels."
"EUR shorts fell for the fourth consecutive week although they remain substantial. The recent falls in the EUR/USD spot price suggest shorts may have rebounded into last week’s ECB policy meeting."
"For the first time in six weeks GBP net shorts pushed higher. Pre-election uncertainty is a negative sterling factor. However, the fact that UK bonds still offer better yield relative to many European alternatives coupled with assurances from BoE Governor Carney that the Bank will look through disinflation pressures (on the basis that low commodity prices is good for growth), has recently lent the pound some support."
"Net JPY shorts edged higher for the first time in seven weeks. The downward revision in Japanese Q4 GDP data should support speculation that the BoJ could ease policy again."
"AUD net shorts dropped back modestly from their highest level since Jan 2014. Net CADs shorts increased to their highest levels since Mar 2014 ahead of the March 4 BoC meeting. However, the BoC played down the chances of a rate cut."
"CHF net shorts appear to have settled at moderately negative levels after January’s SNB’s surprise policy decision."