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IMM positioning

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Minor reduction in net long USD positions

Mon, Nov 3 2008, 10:22 GMT
by Kasper Kirkegaard

Danske Bank A/S


  • •The latest IMM data covers the week from 21 to 28 October. Despite large movements in spot prices, with USD up against all G10 currencies except JPY and NOK, there were only small changes in speculative IMM positions. 

  • •Speculative investors remain net short EUR/USD, but overall positions were reduced slightly, as net long USD positions were trimmed marginally along with net short EUR positions. 

  • •Speculative investors remain net long USD against all currencies except JPY.

  • •Even net MXN positions are now marginally short against USD for the first time in more than a year. 

  • •Net commercial carry positioning remains negative, implying that speculative investors are currently net short in high-yielding currencies against low-yielders. 

  • •On the commodity market, speculative investors turned net short in oil. The front contract on crude oil dropped more than USD10 per barrel in the week to 28 October.

Published on  Mon, Nov 3 2008, 10:24 GMT


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http://www.danskebank.com/ | danskeresearch@danskebank.com

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