26 Jan 2015
FX positioning: EUR shorts increase to highest levels since June 2012 – Rabobank
FXStreet (Barcelona) - The Rabobank Team highlights the IMM Net Speculators’ Positioning as at 20 January 2014, noting that EUR shorts increased to their highest levels since June 2012, while GBP shorts rose for the fifth consecutive week.
Key Quotes
“Long USD positions have moved even higher on expectations that the Fed could be preparing to hike rates this year. This weeks’ FOMC meeting provides a fresh focus.”
“Meanwhile EUR shorts increased to their highest level since June 2012. When the SNB stepped away from its EUR/CHF 1.20 floor in mid-January one large EUR buyer was removed from the market. In addition, ECB QE speculation continued to influence last week as did Greek political concerns.”
“Net JPY shorts moderated. Concerns over world growth have tempered the bears and net shorts remain below their December highs.”
“Net GBP shorts rose for the fifth consecutive week. Pre-election uncertainty remains a negative sterling factor. However, signs that UK consumption is being lifted by lower food and energy prices could lend a little support.”
“AUD net shorts edged lower again. Next week’s data could be hit by RBA rate cut talk. Net CAD shorts dropped ahead of the BoC policy move.”
“CHF net shorts dropped on the back of the SNB’s surprise policy decision.”
Key Quotes
“Long USD positions have moved even higher on expectations that the Fed could be preparing to hike rates this year. This weeks’ FOMC meeting provides a fresh focus.”
“Meanwhile EUR shorts increased to their highest level since June 2012. When the SNB stepped away from its EUR/CHF 1.20 floor in mid-January one large EUR buyer was removed from the market. In addition, ECB QE speculation continued to influence last week as did Greek political concerns.”
“Net JPY shorts moderated. Concerns over world growth have tempered the bears and net shorts remain below their December highs.”
“Net GBP shorts rose for the fifth consecutive week. Pre-election uncertainty remains a negative sterling factor. However, signs that UK consumption is being lifted by lower food and energy prices could lend a little support.”
“AUD net shorts edged lower again. Next week’s data could be hit by RBA rate cut talk. Net CAD shorts dropped ahead of the BoC policy move.”
“CHF net shorts dropped on the back of the SNB’s surprise policy decision.”