- The latest IMM data covers the week from 30 December to 6 January. Today's report thus contains the first indication of speculative positions in the new year.
- The week to 6 January saw very large movements on the currency market following just as large movements during very thin trading around Christmas. The main trend on the FX market in the first days of 2009 was a large scale EUR sell-off, which took the $-block currencies and Sterling between 6% and 8% stronger against the single currency, while also the USD and Scandies gained significantly.
- Despite large movements in the G10 currencies, speculative positions were close to unchanged going into 2009. Speculative investors remain very long JPY and, perhaps somewhat surprisingly given the comeback of GBP, speculative investors also maintain a significant net short GBP position.
- Net positions in the remaining G10 currencies remain broadly neutral.
- On the commodity market, net long oil positions were built further in a week when the oil price gained more than 10 dollars per barrel - before collapsing recently.
