26 May 2015
IMM Net Speculators’ Positioning - Rabobank
FXStreet (Guatemala) - Analysts at Rabobank offered the CFTC Commitment of Traders Report and IMM Net Speculators’ Positioning as at 19 May 2015.
Key Quotes:
"USD longs fell for a fifth consecutive week as investors repositioned for a later first Fed rate hike. Although net USD positions are still firmly in long territory, they are at their lowest level since December of last year."
"EUR shorts dropped again, to levels last seen in January. Better Eurozone economic data are supportive, though the ECB’s QE programme and Greek concerns ahead of the country’s June payment deadlines are set to remain drag on the EUR."
"GBP net shorts fell back to their lowest level since February. Better UK economic data in addition to a post election feel-good factor have lent support. However, concerns about an austerity budget in July and a EU referendum could weigh on the pound going forward."
"JPY shorts fell back a little further. The upbeat tone of BoJ Governor Kuroda has impacted talk of another rate cut from the BoJ."
"CHF net positions have held above zero for eight consecutive weeks with Grexit uncertainty likely a factor."
"AUD positions pushed further into positive territory though doubts are creeping into the recent consensus view that the RBA’s easing cycle may be over. CAD positions turned positive for the first time since September 2014."
Key Quotes:
"USD longs fell for a fifth consecutive week as investors repositioned for a later first Fed rate hike. Although net USD positions are still firmly in long territory, they are at their lowest level since December of last year."
"EUR shorts dropped again, to levels last seen in January. Better Eurozone economic data are supportive, though the ECB’s QE programme and Greek concerns ahead of the country’s June payment deadlines are set to remain drag on the EUR."
"GBP net shorts fell back to their lowest level since February. Better UK economic data in addition to a post election feel-good factor have lent support. However, concerns about an austerity budget in July and a EU referendum could weigh on the pound going forward."
"JPY shorts fell back a little further. The upbeat tone of BoJ Governor Kuroda has impacted talk of another rate cut from the BoJ."
"CHF net positions have held above zero for eight consecutive weeks with Grexit uncertainty likely a factor."
"AUD positions pushed further into positive territory though doubts are creeping into the recent consensus view that the RBA’s easing cycle may be over. CAD positions turned positive for the first time since September 2014."