Jane Foley, Senior FX Strategist at Rabobank, lists down the IMM Net Speculators’ Positioning as at 22 March 2016. Key Quotes • “Having declined for six consecutive weeks, USD positions consolidated ahead of the Easter break. USD longs are now back to levels held prior to the run up in positions in H2 2014. This may lead to some reluctance to further cut USD longs. • Speculators reduced their EUR shorts last week despite the dovish tone of the ECB. • JPY longs increased again, unwinding some of the fall of the previous week. JPY longs have failed to drop consistently over the past month or so despite the better tone of many risky assets. • Net sterling shorts climbed again though they are below the levels reached at the start of the month when they increased to their highest point since July 2013. GBP remains vulnerable to uncertainty connected with Brexit and to further signs of division within the government following the recent resignation of the Work and Pension Secretary Duncan-Smith. • Net CHF positions are holding in positive territory, a little below the previous week’s levels. The SNB this month reiterated its threat that it could intervene to offset demand for the CHF. • Net AUD long positions increased on optimism around the domestic economic outlook. CAD shorts fell for the eighth consecutive week on this year’s better tone in oil.” For more information, read our latest forex news.