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IMM positioning
Short EUR/USD positions are scaled back
Mon, Mar 16 2009, 15:30 GMT
by Kasper Kirkegaard
Danske Bank A/S | View company's profile
- The latest IMM data covers the week from 3 March to 10 March.
- Following a low in EUR/USD at 1.2457 on 3 March the pair has climbed higher towards the upper end of its recent approximate 1.25-1.30 interval. This also translated into a reduction of implied short EUR/USD positions, as speculative investors scaled back net short EUR positions in particular.
- During the week to 10 March, USD/JPY stabilised around 98.5 following a sharp 5% rise in the previous week. However, despite the yen's recent weakness, speculative investors have not yet moved to being net short JPY and marginal net long JPY positions remain in place.
- Net short GBP positions were built further, as sterling faced renewed headwinds. While GBP has strengthened slightly against both EUR and USD in recent days, we expect this to be temporary and continue to look for further GBP weakness in the coming months.
- Speculative investors remain net long USD against all currencies, covered in the IMM data, except against JPY.
Published on Mon, Mar 16 2009, 15:34 GMT
Archive
- Sterling remains out of favour
Published On Tue, Mar 9 2010, 11:10 GMT - EUR still out of favour
Published On Mon, Feb 22 2010, 09:52 GMT - IMM traders add to EUR shorts, USD longs surge
Published On Mon, Feb 15 2010, 13:36 GMT - Short EUR positions at record level
Published On Mon, Feb 8 2010, 11:03 GMT - China's two manufacturing PMIs were released overnight
Published On Mon, Feb 1 2010, 10:49 GMT
Legal disclaimer and risk disclosure
This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
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