- The latest IMM data covers the week from 17 March to 24 March.
- Following the Fed's announcement to buy Treasuries on 18 March, causing EUR/USD to spike four big figures higher, speculative investors have scaled back long USD positions - though less than could perhaps have been expected. While market commentaries were very USD bearish following the Fed's actions, investors remained significantly long USD and also remained net short EUR. Hence, the large fall in EUR/USD in recent days cannot be explained by speculative IMM investors being stopped out on long EUR/USD positions.
- Following the SNB's first intervention on the FX market on 12 March, speculative investors have been net short CHF; however, net short positions are being reduced.
- The AUD has had a good run in March, gaining more than 10% against USD by 24 March when the IMM data was collected. The AUD rally has also coincided with a change in sentiment, as speculative investors now have the largest long positions since August.
- While USD/JPY has managed to stay below 100, investors are adding to JPY shorts.
