FXstreet.com (Barcelona) - NAB reports how IMM speculative positions data for the week ended Tuesday 17th July were little changed. The position changes were generally modest says the bank, highlighting the largest move a +14k increase in USD long, which were balanced over CHF, CAD, AUD and EUR.
NAB IMM note reads: "The move to longer USDs is counter-intuitive given the sell-off in USDs over the week, but this began on the Tuesday and was extended mid-week. This likely highlights the move into the Northern Hemisphere summer trading environment, with lower liquidity and choppy trading. Given this, the moves signalled by the IMM trading data this week provide less of a guide than usual. We know these data in particular are out of date as the risk-on rally peaked on the Thursday after this data deadline."
NAB IMM note reads: "The move to longer USDs is counter-intuitive given the sell-off in USDs over the week, but this began on the Tuesday and was extended mid-week. This likely highlights the move into the Northern Hemisphere summer trading environment, with lower liquidity and choppy trading. Given this, the moves signalled by the IMM trading data this week provide less of a guide than usual. We know these data in particular are out of date as the risk-on rally peaked on the Thursday after this data deadline."
