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2 Mar 2015
CFTC: USD longs consolidation at their recent highs - Rabobank
FXStreet (Barcelona) - The Rabobank Team reviews the IMM Net Speculators’ Positioning data as at 24 February 2014.
Key Quotes
“Long USD positions increased modestly last week. They appear to be consolidating off their recent highs but still at very elevated levels.”
“EUR shorts fell for the third consecutive week although they remain substantial. News that Greece has agreed to a bailout extension with its creditors in addition to some better Eurozone data releases has lent the EUR some support. That said, the start of the ECB’s QE programme could pressure the EUR in March."
“For the fifth consecutive week, net GBP shorts edged lower. Pre-election uncertainty remains a negative sterling factor. However, the fact that UK bonds still offer better yield relative to many European alternatives coupled with assurances from BoE Governor Carney that the Bank will look through disinflation pressures (on the basis that low commodity prices is good for growth), is lending the pound support.”
“Net JPY shorts edged lower for a sixth week and are now less than half the size of their December highs. Any recovery in BoJ easing hopes could again undermine the JPY.”
“AUD net shorts edged pushed higher. They are holding at their highest level since Jan 2014. Net CADs shorts increased to their highest levels since April 2014.”
“CHF net shorts appear to have settled at moderately negative levels after January’s SNB’s surprise policy decision.”
Key Quotes
“Long USD positions increased modestly last week. They appear to be consolidating off their recent highs but still at very elevated levels.”
“EUR shorts fell for the third consecutive week although they remain substantial. News that Greece has agreed to a bailout extension with its creditors in addition to some better Eurozone data releases has lent the EUR some support. That said, the start of the ECB’s QE programme could pressure the EUR in March."
“For the fifth consecutive week, net GBP shorts edged lower. Pre-election uncertainty remains a negative sterling factor. However, the fact that UK bonds still offer better yield relative to many European alternatives coupled with assurances from BoE Governor Carney that the Bank will look through disinflation pressures (on the basis that low commodity prices is good for growth), is lending the pound support.”
“Net JPY shorts edged lower for a sixth week and are now less than half the size of their December highs. Any recovery in BoJ easing hopes could again undermine the JPY.”
“AUD net shorts edged pushed higher. They are holding at their highest level since Jan 2014. Net CADs shorts increased to their highest levels since April 2014.”
“CHF net shorts appear to have settled at moderately negative levels after January’s SNB’s surprise policy decision.”