Yen weakens and net long JPY positions are reduced

IMM positioning

- The latest IMM data covers the week from 3 February to 10 February.

- There have only been a few changes to overall speculative positions, which were built slightly in the week to 10 February. Speculative investors remain net long USD against all currencies, covered in the IMM data, except JPY.

- Following a run-up in USD/JPY towards 92 by 10 February, on improved risk sentiment ahead of the presentation of the US financial rescue plan, speculative investors reduced net long JPY positions slightly.

- Despite strong GBP performance in the week to 10 February, seeing GBP/USD rise more than 4% towards 1.49, speculative investors have remained hesitant to buy sterling and remain significantly net short GBP. Positioning is likely to have remained short GBP given the expectation of the BoE moving towards a zero interest rate policy.

- Speculative positioning in the remaining currencies remained broadly unchanged.

- With the price of oil gradually moving lower, net positions have been scaled back and speculative investors are now close to neutral.

Download full IMM Positioning with charts

Published On Mon, Feb 16 2009, 10:10 GMT

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Danske Bank A/S

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