- The latest IMM data covers the week from 27 January to 3 February.
- There have only been a few changes to overall speculative positions, which were marginally reduced in the week to 3 February. Speculative investors remain net long USD against all currencies, covered in the IMM data, except JPY.
- Speculative investors added slightly to net long JPY positions, which now stand at the highest level since 27 March last year. Following the collection of IMM positions the yen has lost slightly though and USD/JPY has been trading well above 90 since late Thursday. Our short-term financial USD/JPY model estimate currently stands at 92.
- Despite strong GBP performance, taking USD/GBP well below 0.70, speculative investors remain significantly short GBP, as net short GBP positions were only marginally reduced.
- While the high-yielding currencies (those that are left) have gained against low yielders in the past week on a pick-up in risk sentiment, overall performance has in general continued to be very week going into 2009 and speculative investors also remain net short carry (see page 6).
