Positioning Archive

  • IMM Positioning – Positioning Risk On EUR/USD Eases

    IMM Positioning – Positioning Risk On EUR/USD Eases

    During the week covered by the latest IMM positioning data, USD has weakened more than 2% in effective terms, with EUR/USD breaking well above 1.26 in summer-thin trading and with USD/JPY dropping below 87. The broad-based USD weakening has coincided with speculative investors trimming their...

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  • IMM Positioning – Non-commercial Investors Turn Long JPY

    IMM Positioning – Non-commercial Investors Turn Long JPY

    The effective JPY index rose near its 21 January 2009 high last week, as USD/JPY broke below 90 to test 87 and as EUR/JPY set a new multi-year low. The strong JPY performance has coincided with non-commercial investors adding fresh JPY longs. Net long JPY...

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  • IMM Positioning – USD Currencies Still Expected To Gain Vs. EUR Currencies

    IMM Positioning – USD Currencies Still Expected To Gain Vs. EUR Currencies

    Net long USD positions were reduced slightly for a second week as the USD rally has begun to lose steam. Still, non-commercial investors are net long the USD against all the EUR currencies (GBP, EUR and CHF), but net short the USD against all the...

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  • IMM Positioning: Open Interest Falls Back

    IMM Positioning: Open Interest Falls Back

    Long USD positions were unwound by non-commercial investors amid a general decline in open interest – potentially indicating profit taking. Most notably short EUR positions were cut from 37 to 27 percent of open interest – a reduction in short EUR/USD positions of almost 50,000...

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  • IMM Positioning – Speculative Investors Cut Risk Exposure Further

    IMM Positioning – Speculative Investors Cut Risk Exposure Further

    As the euro stabilised around 1.22 against the dollar last week, non-commercial investors scaled back net short euro positions slightly to 34% of open interest. Open interest fell slightly, but compared with recent years open interest in the euro remains elevated. The break below 1.20...

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