7 Mar 2016
IMM positioning: AUD optimisim - Rabobank
Analysts at Rabobank noted that IMM Net Speculators’ Positioning as at 01 March 2016.
Key Quotes:
"After seven consecutive weeks of shrinking net negative positions, EUR shorts finally increased last week. This is likely a response to expectations of more policy action from the ECB this week.
USD longs have declined for the past four weeks despite the firmer tone of US CPI inflation, PCE and Q4 GDP data.
JPY longs have increased for four consecutive weeks suggesting continued safe haven demand. JPY longs are now at their highest levels since 2012 suggesting that the BoJ’s negative interest rate has had little impact in fending off inflows.
Net sterling shorts increased, though they are below their February highs. Attention is set to be dominated by politics in the approach to the June 23 referendum on the UK’s membership of the EU.
CHF positions are holding in negative territory although overall net shorts have edged down for the third consecutive week.
Net AUD long positions have burst higher in response to optimism regarding the domestic economy. CAD shorts dropped for the fifth consecutive week with the better price of oil offering support."
Key Quotes:
"After seven consecutive weeks of shrinking net negative positions, EUR shorts finally increased last week. This is likely a response to expectations of more policy action from the ECB this week.
USD longs have declined for the past four weeks despite the firmer tone of US CPI inflation, PCE and Q4 GDP data.
JPY longs have increased for four consecutive weeks suggesting continued safe haven demand. JPY longs are now at their highest levels since 2012 suggesting that the BoJ’s negative interest rate has had little impact in fending off inflows.
Net sterling shorts increased, though they are below their February highs. Attention is set to be dominated by politics in the approach to the June 23 referendum on the UK’s membership of the EU.
CHF positions are holding in negative territory although overall net shorts have edged down for the third consecutive week.
Net AUD long positions have burst higher in response to optimism regarding the domestic economy. CAD shorts dropped for the fifth consecutive week with the better price of oil offering support."