USD positioning; "USD shorts against G10 currencies rose by 43.7k contracts to -149.6k, the largest net short since August 2, 2011. The bulk of the changes were concentrated against the EUR, GBP and CAD" NAB reports.
From NAB: "The largest single contributor to the increase in USD shorts was a 20.2k reduction in the net EUR/USD short. The latter at -73.5k is the smallest short EUR net position since November 2011. This reflected ongoing short covering in the aftermath of the prior week’s ECB meeting and unveiling of the detail of the Draghi bond buying plan. EUR/USD rallied from 1.2850 to the recent high of 1.3172 during this IMM reporting week. The drift lower in EUR/USD since then, to back below 1.3000, suggests that the short covering process reached at least a temporary hiatus early last week."
NAB (momentum based) model based on IMM data recommends "only minor changes this week, with a move from neutral to overweight on the JPY and from overweight back to neutral on GBP, overweights currently recommended in CAD (still), EUR, CHF, JPY and NZD."