USD longs have declined for the past two weeks - Rabobank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Jane Foley, FX Strategist at Rabobank, lists down the IMM net speculators’ positioning as at 16 February 2016.

    Key Quotes

    • “Despite the step up in dovish rhetoric from ECB President Draghi this year, ECB shorts have fallen for six consecutive weeks now in reflection of a lack of risk appetite.

    • USD longs have declined for the past two weeks, though better US CPI inflation data could lend some support.

    • JPY longs increased again last week on the back of safe haven demand although they are below their recent highs. News from China will remain key.

    • Net sterling short positions held steady. The market is priced for steady BoE rates for some months and attention is now dominated by politics in the approach to the June 23 EU referendum.

    • CHF positions are holding in negative territory. The CHF has also slipped in the spot market recently as the SNB’s negative interest rate policy takes a broader impact.

    • Net AUD positions finally moved into positive ground on a more upbeat domestic outlook. CAD shorts lost ground. The outlook for crude oil prices remains a key focus.”
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