Back
17 Feb 2014
Flash: IMM positions; Sterling on the up - Rabobank
FXStreet (Guatemala) - Strategists at Rabobank reported the International Monetary markets positions in some of the G10's that are covered.
"EUR shorts halved. The impetus for the move was likely the news that ECB President Draghi did not step up his dovish rhetoric at the February ECB meeting. Better than expected Q4 Eurozone GDP data may lend a little further support this week".
"USD longs continued to creep higher potentially in continued response to the exit from emerging markets. Continued weak US economic data could lead to some hesitation from USD bulls".
"The level of JPY shorts increased slightly after the recent sharp falls. There has been a significant degree of yen short covering in recent weeks which has pulled the level of JPY shorts back from the extraordinary levels that persisted between Nov2013 and January 2014".
"Sterling long positions held steady after the previous week’s drop. Sterling rallied in the spot market during the latter part of last week in response to the upward revision to growth from the BoE. This could lead to an additional upward extension in longs in the next set of data".
"Net CHF positions fell back but remain in positive territory".
"Short-covering pushed CAD shorts slightly lower for the third consecutive week".
"AUD short-covering is also evidence as the market adjusts to a less dovish RBA".
"EUR shorts halved. The impetus for the move was likely the news that ECB President Draghi did not step up his dovish rhetoric at the February ECB meeting. Better than expected Q4 Eurozone GDP data may lend a little further support this week".
"USD longs continued to creep higher potentially in continued response to the exit from emerging markets. Continued weak US economic data could lead to some hesitation from USD bulls".
"The level of JPY shorts increased slightly after the recent sharp falls. There has been a significant degree of yen short covering in recent weeks which has pulled the level of JPY shorts back from the extraordinary levels that persisted between Nov2013 and January 2014".
"Sterling long positions held steady after the previous week’s drop. Sterling rallied in the spot market during the latter part of last week in response to the upward revision to growth from the BoE. This could lead to an additional upward extension in longs in the next set of data".
"Net CHF positions fell back but remain in positive territory".
"Short-covering pushed CAD shorts slightly lower for the third consecutive week".
"AUD short-covering is also evidence as the market adjusts to a less dovish RBA".