IMM positioning as at 09 February 2016 - Rabobank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Analysts at Rabobank explained that following the BoJ’s surprising decision to implement negative interest rates at the end of January, market players reduced their long JPY positions from 50,026 to 37,245 in the week ending February 2.

    Key Quotes:

    "It proved, however, short-lived as demand for safe havens led to an increase in the number of JPY longs to 43,232 last week.

    Following Yellen’s testimony to Congress, the odds that the Fed may tighten monetary policy further plunged to just 11%. Even more staggeringly, the next move could be a cut (!) rather than a hike, although the probability is fairly low at 3.9% vs 1.9% for further tightening. Consequently, the number of USD longs fell to the lowest level so far this year of 35,013.

    After increasing sharply to their highest level since July 2013 (following dovish comments from BoE Governor Carney), net sterling short positions fell further to 36,300 from 45,018. That said, prevailing uncertainty about the outcome of the crucial referendum on the UK future in the EU (focus is on the EU summit later this week) remains a negative factor for the GBP.

    CHF positions remained in the negative territory at -7,268; AUD shorts plunged from 26,168 to just 5,626 (the least bearish since 8 Dec 2015) with commodities still setting the tone with the CAD shorts virtually unchanged at 51,935."

    EUR-shorts trimmed further – Rabobank

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