- "The latest IMM data covers the week from 22 to 29 June."
- "The effective JPY index rose near its 21 January 2009 high last week, as USD/JPY broke below 90 to test 87 and as EUR/JPY set a new multi-year low. The strong JPY performance has coincided with non-commercial investors adding fresh JPY longs. Net long JPY positions are now at 23% of open interest – implying that positioning is beginning to leave a downside risk on the JPY."
- "USD longs were trimmed further – mainly reflecting a build-up in JPY longs, and trimming of CAD longs and GBP shorts – as the dollar is beginning to look more soft. Positioning was broadly unchanged against the EUR though, but there is good reason to believe that EUR shorts have been scaled back as EUR/USD has corrected 3% higher since the collection of the IMM data."
- "As the money market has been pricing out some of the expected interest rate hike from the Bank of Canada, and USD/CAD has corrected higher on reduced risk appetite, non-commercial investors have trimmed net long CAD positions significantly. Net longs as a percentage of open interest are now broadly at the same level in AUD, NZD and CAD."
DenDanske IMM Positioning 20100705
No comments:
Post a Comment