- The latest IMM data covers the week from 3 March to 10 March.
- Following a low in EUR/USD at 1.2457 on 3 March the pair has climbed higher towards the upper end of its recent approximate 1.25-1.30 interval. This also translated into a reduction of implied short EUR/USD positions, as speculative investors scaled back net short EUR positions in particular.
- During the week to 10 March, USD/JPY stabilised around 98.5 following a sharp 5% rise in the previous week. However, despite the yen's recent weakness, speculative investors have not yet moved to being net short JPY and marginal net long JPY positions remain in place.
- Net short GBP positions were built further, as sterling faced renewed headwinds. While GBP has strengthened slightly against both EUR and USD in recent days, we expect this to be temporary and continue to look for further GBP weakness in the coming months.
- Speculative investors remain net long USD against all currencies, covered in the IMM data, except against JPY.
