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IMM Positioning shows speculators took profit on USD - Rabobank

FXStreet (Barcelona) - Jane Foley, Senior FX Strategist at Rabobank takes a look at the IMM Net Speculators Positioning as of Nov 4th 2014.

Key Quotes

"Having remained at elevated levels since the middle of September, speculators took some profits on long USD positions – though they still remain twice as large as the longs held in July."

"In the lead up to last week’s ECB policy meeting, expectations that the central bank may eventually have to launch full blown QE to prevent a prolonged period of low inflation and sluggish economic activity continued to fuel bearish sentiment towards the single currency. EUR shorts rose to their highest levels since June 2012."

"Weak Eurozone activity data and disinflationary pressures in the UK have caused the market to push back expectations regarding the timing of the first BoE rate hike. GBP positions pushed even further into negative territory last week."

"Net short JPY positions have been consolidating. Despite the massive increase in BoJ QE announced the previous week, shorts increased only moderately. Activity in the spot market, however, suggests JPY shorts could continue to grow."

"Concerns about Chinese growth and soft commodity prices continued to weigh on the AUD with short positions edging higher again last week. CAD shorts reduced helped by better economic data."

"CHF net shorts consolidated having risen to their highest level since Jun 2013 the previous week."

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