Increase in long USD positions at the expense of JPY and EUR

IMM positioning

- The latest IMM data cover the week from 24 February to 3 March.

- During the week long yen positions were trimmed further and they are now at levels not seen since September. This occurred despite new declines in equity prices, possibly reflecting that the market is losing faith in the yen as a safe-haven currency.

- Net short EUR positions were extended further, coinciding with the fall in EUR/USD from levels around 1.28 to below 1.26. This happened as the market priced in a more dovish ECB outlook ahead of the rate decision. Also, concerns regarding the situation in the CEE continued to influence the market sentiment towards the EUR.

- Speculative short positions in CAD were extended significantly ahead of the BoC rate decision, where the Bank cut rates to an all-time low and indicated that non-conventional measures of stimulus could be implemented. Also, AUD shorts were further reduced coinciding with an improvement of data out of Australia and the decision by the RBA to leave rates unchanged.

- On the commodity market, net oil positioning reversed and is now slightly negative. Turning to bond markets, positioning for higher rates in the back end of the curve was extended.

Download full IMM Positioning with charts

Published On Mon, Mar 9 2009, 13:46 GMT

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Danske Bank A/S

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