- The latest IMM data covers the week from 13 January to 20 January.
- Speculative investors added marginally to long USD positions and remain net long USD against all currencies, except JPY.
- JPY lost slightly against USD and NOK during the week to 20 January, but gained strongly against all other G10 currencies. Net long JPY positions were built further and the yen remains the favoured currency among speculative investors.
- Speculative investors have been net short cable since late summer last year, which has been a profitable strategy, as GBP/USD has fallen more than 30%. The decline of Sterling accelerated in the week to 20 January and GBP/USD is currently trading near its lowest level since 1985. Net short GBP positions increased slightly to 20 January.
- Net short EUR positions were trimmed marginally despite increased focus lately on the divergence between EMU members in terms of fiscal sustainability.
- On the commodity market, speculative investors reduced net long oil positions slightly, but long oil positions remain at levels not seen since spring last year.
