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Speculators reduced their USD longs – Rabobank

FXStreet (Barcelona) - The Rabobank Research team highlights the IMM net speculators positioning as at 18th November 2014.

Key Quotes

“Speculators reduced their USD longs a little further last week meaning that net positions are now noticeably off their recent highs. Even so, they are still twice as large as the long positions held in July. “

“EUR shorts increased again. Although they are still below their recent highs, shorts could be promoted further in the next set of data by the dovish tone of ECB President Draghi last Friday. “
“JPY net shorts rose again, though they remains below their October highs. “

“On the back of the dovish November Inflation Report from the BoE, speculators have built up short positions in sterling even further. However, the minutes of the November MPC meeting were a little less dovish than expected and this could weaken the resolve of the GBP bears a little. “

“AUD shorts consolidated at fairly elevated levels, though some support for the AUD could be drawn from Friday’s PBoC rate cut. CAD shorts lessened a touch with the tone remaining consolidative.”

“CHF net shorts held largely steady despite the proximity of the November 30 referendum on SNB gold holdings which could undermine the EUR/CHF ‘floor’.”

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