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USD longs continued to creep lower suggests CFTC data - Rabobank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 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 29 December 2015.

    Key Quotes

    • “The level of USD longs continued to creep lower into the end of the year indicating some skepticism about the pace of Fed rate hikes in 2016.

    • Having dropped sharply at the start of December, the level of EUR shorts stabilized in the middle of the month albeit it at still heightened levels.

    • Net sterling shorts positions continued to gain ground into the end of last year on the back of disappointing UK economic data. Political uncertainty could be a negative GBP factor in 2016.

    • By contrast JPY shorts lost ground, almost halving in the final week of the year. The yen has seen some benefit recently from safe haven demand.

    • CHF positions held in positive territory. 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 dropped in the final reading of the year having leapt higher the previous week. The RBA remains in focus as do commodity prices. CAD shorts ticked higher again, the outlook for crude oil prices remains key.”
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