22 Mar 2015
IMM: USD longs cut sharply - Nomura
FXStreet (Bali) - According to the IMM data for the week ended March 17, non-commercial accounts decreased their USD longs by $4.4bn, notes Nomura.
Key Quotes
"According to the IMM data for the week ended March 17, non-commercial accounts decreased their USD longs by $4.4bn. Heading into the FOMC on Wednesday, therefore, net USD longs stood at $48.4bn, and since then they have been cut a further $3.0bn to $45.4bn. Since the beginning of October 2014, the USD positioning index has only once been lower than $45.4bn, on December 16."
"AUD shorts were cut sharply as specs bought $3.7bn on the week, bringing net positioning to -$2.2bn from -$5.9bn. Our real-time positioning index suggests that the shorts have continued to unwind, with $0.7bn of buying, bringing net positioning to -$1.5bn."
"EUR shorts increased on the week into Tuesday by $1.4bn. Since then, they have been cut by an estimated $1.1bn. Net positioning is now estimated to be -$24.5bn, still off the local lows of -$28.2bn from the first week of February."
"JPY shorts were cut by $1.2bn, bringing JPY positioning to $5.0bn, the least net short it has been since November 2012. Our real-time estimate suggests positioning has continued toward neutral, and is -$4.5bn as of Friday’s close."
"CHF positioning reverted to positive for the first time since June 2014 on $1.3bn of spec buying, finishing at $0.3bn by Tuesday. By Friday, this trend had continued and longs had increased to $1.5bn"
Key Quotes
"According to the IMM data for the week ended March 17, non-commercial accounts decreased their USD longs by $4.4bn. Heading into the FOMC on Wednesday, therefore, net USD longs stood at $48.4bn, and since then they have been cut a further $3.0bn to $45.4bn. Since the beginning of October 2014, the USD positioning index has only once been lower than $45.4bn, on December 16."
"AUD shorts were cut sharply as specs bought $3.7bn on the week, bringing net positioning to -$2.2bn from -$5.9bn. Our real-time positioning index suggests that the shorts have continued to unwind, with $0.7bn of buying, bringing net positioning to -$1.5bn."
"EUR shorts increased on the week into Tuesday by $1.4bn. Since then, they have been cut by an estimated $1.1bn. Net positioning is now estimated to be -$24.5bn, still off the local lows of -$28.2bn from the first week of February."
"JPY shorts were cut by $1.2bn, bringing JPY positioning to $5.0bn, the least net short it has been since November 2012. Our real-time estimate suggests positioning has continued toward neutral, and is -$4.5bn as of Friday’s close."
"CHF positioning reverted to positive for the first time since June 2014 on $1.3bn of spec buying, finishing at $0.3bn by Tuesday. By Friday, this trend had continued and longs had increased to $1.5bn"