Research Team at HSBC, notes that the total long USD positions were reduced modestly to USD7.2bn from USD7.8bn, in the week ended 22 March, using the cumulative notional USD total of the currency futures contracts that trade on the IMM. Key Quotes “Most positions saw only very small changes on the week, with short GBP positions seeing the largest shift. Sterling has softened in line with broader USD strength and as the “Brexit” debate continues. EUR short positions were reduced modestly, but still stand close to USD10bn. The JPY remains the market’s favored long position, followed by AUD and CHF. Key Position Changes • EUR shorts fell to USD9.3bn from USD10.8bn • GBP shorts increased from USD1.2bn to USD3.3bn • JPY longs increased to USD5.9bn from USD5.0bn • MXN shorts remained steady at USD1.3bn • AUD longs rose to USD1.4bn from USD0.9bn • CAD shorts held steady at USD1.2bn” For more information, read our latest forex news.