30 Mar 2015
CFTC: EUR shorts surge, GBP shorts increase for 4th consecutive week – Rabobank
FXStreet (Barcelona) - Jane Foley, Senior Currency Strategist at Rabobank, previews the IMM Net Speculators’ Positioning data as at 24 March 2015, noting that specs remained short on most currencies while USD longs ticked higher awaiting the March FOMC meeting.
Key Quotes
“USD longs ticked a little lower in the wake of the March 18 FOMC meeting, though they remain at extremely elevated levels.”
“EUR shorts surged beyond their 2012 peak and to a record high as the situation between Greece and its creditors became increasingly fractious.”
“GBP shorts increased for the fourth consecutive week though they remain below the year’s highs. While relatively high UK yields have lend some support, the pound could be vulnerable in the approach to the May 7 UK general election.”
“Net JPY shorts dropped back further. However concerns about the conflict in Yeman could lead to an increase in safe haven demand.”
“AUD net shorts held fairly steady, the previous week they more than halved to their lowest level since October 2014. Going forward we expect the AUD to remain vulnerable on RBA interest rate cut talk.”
“Net CADs shorts also held steady.”
“CHF net positions moved back below zero. The previous week they had turned positive for the first time since May 2014.”
Key Quotes
“USD longs ticked a little lower in the wake of the March 18 FOMC meeting, though they remain at extremely elevated levels.”
“EUR shorts surged beyond their 2012 peak and to a record high as the situation between Greece and its creditors became increasingly fractious.”
“GBP shorts increased for the fourth consecutive week though they remain below the year’s highs. While relatively high UK yields have lend some support, the pound could be vulnerable in the approach to the May 7 UK general election.”
“Net JPY shorts dropped back further. However concerns about the conflict in Yeman could lead to an increase in safe haven demand.”
“AUD net shorts held fairly steady, the previous week they more than halved to their lowest level since October 2014. Going forward we expect the AUD to remain vulnerable on RBA interest rate cut talk.”
“Net CADs shorts also held steady.”
“CHF net positions moved back below zero. The previous week they had turned positive for the first time since May 2014.”