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Speculative investors turns net long EUR

Tue, Apr 7 2009, 12:56 GMT
by John Hydeskov

Danske Bank A/S


  • The latest IMM data covers the week from 24 March to 31 March.
  • Speculative investors have started to bet that the EUR strengthening will continue. After having been net short EUR against USD since July 2008, sentiment has changed among currency futures traders that now on average believe the EUR will outpace the USD going forward. The change is not large but it marks nevertheless the biggest swing on the week.
  • Except for AUD, speculative investors remain net long USD against other G10 currencies. Interest for GBP and CAD is still below zero, but a large negative net position can work as a trigger for strengthening which can happen rapidly since many investors need to terminate short positions.
  • Speculative investors holds their bond curve steepener on and remain net long gold. Net long oil positions have been heavily reduced even though oil prices have managed to keep above the USD 50 per barrel mark.

Published on  Tue, Apr 7 2009, 12:58 GMT


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