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USD and JPY longs back in demand - Rabobank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Delhi) - Jane Foley, FX Strategist at Rabobank, lists down the IMM Net Speculators’ Positioning as at 12 January 2016.

    Key Quotes

    • “Having moved back into positive ground for the first time since October 2012 the previous week, JPY longs surged forward last week as safe haven demand remained strong.

    • The level of USD longs rose for the third consecutive week, this may also be a reflection of safe haven demand.

    • Having been steady for the past four weeks, the level of EUR shorts dropped sharply. Since the EUR is used as a funding currency for carry trades, this is also likely a measure of weak risk appetite.

    • Net sterling shorts positions held steady. They gained ground into the end of last year on the back of disappointing UK economic data. Political uncertainty linked to the EU membership referendum could be a negative GBP factor in 2016.

    • CHF positions held in positive territory with safe haven demand likely a factor. The SNB held policy steady at last month’s policy meeting and commented that unconventional policy measures have side effects. This suggested that the SNB may be losing its appetite for aggressive policy measures.

    • Net AUD shorts increased last week. Chinese growth and the outlook for commodity prices remain principle drivers. CAD shorts held steady at elevated levels, the outlook for crude oil prices remains key.”
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