FXstreet.com (Barcelona) - IMM speculative positions data for the week ended Tuesday 24th July were characterised predominantly by a reduction in USD positions and a turn in risk sentiment, says NAB research team.
"The AUD saw an almost doubling of net long positions to +26.4k; the highest since early May. There was also a small rise in net longs in the NZD" NAB notes.
"This positioning data comes before the big risk rally later in the week. We would estimate that these positions were extended later in the week. It now recommends being overweight in GBP and JPY, while showing an underweight in CAD" NAB adds.
"The AUD saw an almost doubling of net long positions to +26.4k; the highest since early May. There was also a small rise in net longs in the NZD" NAB notes.
"This positioning data comes before the big risk rally later in the week. We would estimate that these positions were extended later in the week. It now recommends being overweight in GBP and JPY, while showing an underweight in CAD" NAB adds.
