- The latest IMM data covers the week from 6 January to 13 January.
- Today's data thus includes the large correction in equity and energy markets following a few days of optimism as we entered 2009. In the week through 13 January, the S&P500 index lost close to 7% and the oil price fell by almost USD10/bbl.
- The biggest changes in speculative positions were seen in EUR and USD, as speculative investors turned marginally net long USD, while adding to net short EUR positions - thus entailing a build-up of implied short EUR/USD positions. EUR/USD fell close to four big figures during the week.
- The largest positions remain in net long JPY positions (still at the highest level since April 2008) and in net short GBP positions (despite Sterling's significant comeback in the first week of 2009).
- Net AUD positions turned marginally short, as a general worsening of risk sentiment and a correction lower in global commodity prices weighed on AUD.
- Despite New Zealand seeing its AA+ foreign currency rating downgraded to negative from stable by S&P, net NZD positions remain broadly neutral.
