http://www.fxstreet.com/technical/analysis-reports/imm-positioning/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2012-01-30.htmlThe latest IMM data cover the week from 17-24 January. USD longs extended before FOMC meeting: The latest IMM data, which cover the week ending last Tuesday, show a further build-up in aggregate USD longs ahead of Wednesday’s FOMC announcement, reaching USD18.8bn. The unwinding of USD longs may thus explain the sharp USD sell-off in the wake of the surprisingly dovish statement.Short EUR positions also set a fresh record, and while some shorts are likely to have been washed out by the recentMon, 30 Jan 2012 13:12:26 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2012-01-30.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2012-01-23.htmlThe latest IMM data cover the week from 10-17 January. Investors added marginally to EUR shorts: EUR/USD reached a 1.2624 low on 13 January and has since rebounded on improved risk sentiment and growing expectations of a Greek PSI deal. Nonetheless, investors still added marginally to short EUR positions in the week to 17 January – taking net positions to 53 percent of open interest. Short positions are likely to have been partly unwound since the IMM data was collected, but even decent shortMon, 23 Jan 2012 14:30:27 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2012-01-23.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2012-01-17.htmlThe latest IMM data cover the week from 3-10 January. Extreme euro positioning: Investors added to already record EUR shorts, which have now reached 53 percent of open interest. Extreme positioning usually implies a heightened risk of a spot correction, but we see only limited potential for a bigger EUR rebound in the short term. First of all, the IMM data may exaggerate overall market positioning, as EUR/USD option market skews have narrowed further and now trade near neutral levels.Tue, 17 Jan 2012 13:17:38 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2012-01-17.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2012-01-09.htmlThe latest IMM data covers the week from 27 December to 3 January. Net EUR short contracts set new record: Non-commercial investors added further to EUR shorts in the week ending 3 January, which also saw EUR/USD dip below 1.30 for the first time since January last year. While the beginning of 2011 was also dominated by European bond market stress and US economic outperformance, short EUR positioning was nowhere near the current extreme levels. However, with plenty of event risks ahead (seeMon, 09 Jan 2012 13:14:24 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2012-01-09.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2012-01-03.htmlThe latest IMM data covers the week from 20 December to 27 December. EUR shorts at extreme levels: EUR net shorts have reached record levels, at -127,900 (net contracts) and more than 46% of open interest. The latter corresponds to a deviation from the mean of more than 4 sigmas, indicating very crowded positioning. Hence, while we have pencilled in further EUR weakness in our latest FX forecasts (FX Forecast Update: Moving closer to a bottom in EUR/USD, 20 December 2011), stretchedTue, 03 Jan 2012 15:24:32 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2012-01-03.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-12-19.htmlThe latest IMM data covers the week from December 6 to December 13. The market is underweight in terms of risk, but not so much in the Australian dollar or the New Zealand dollar: Non-commercial investors added USD0.4bn to net long AUD positions which have now reached 22.5% of open interest. This is not far from the past 10- year average. Canadian dollar positions remain net short, however, and well below the historical average. This is one of the reasons we have added long CAD to our 2012 FXMon, 19 Dec 2011 15:54:04 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-12-19.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-12-12.htmlThe latest IMM data covers the week from 30 November to 6 December. Stretched positioning ahead of last week’s ECB meeting: The IMM report provides a good snapshot on how investors were positioned ahead of the ECB meeting on Wednesday and the EU summit on Friday. Net short EUR positions were running at 33.8% of open positions, albeit down from 37.6% the week before, but still more than 2 s.d. away from the mean. Hence, despite the ECB still seeming very reluctant to deliver a credible backstopMon, 12 Dec 2011 14:34:45 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-12-12.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-12-05.htmlThe latest IMM data covers the week from 22 November to 29 November. Stretched positioning allowed for Wednesday’s relief rally: The IMM report provides a good snapshot of how investors were positioned ahead of last Wednesday’s co-ordinated central bank action. Non-commercial investors had built long dollar positions to USD19bn – near record highs – which explains the significant dollar sell-off after the Fed lowered the price on its USD swap facilities. While the dollar sell-off is likely toMon, 05 Dec 2011 13:17:02 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-12-05.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-11-29.htmlThe latest IMM data covers the week from November 8 to November 15, 2011. USD2.6bn added to net longs: As the dollar has rallied in November, non-commercial investors have added to already stretched long positions. By November 15, when the IMM data was collected, net long positions had reached USD12.4bn and given that the dollar has appreciated almost 2% since, long positions are likely to have been built up even further. Yesterday’s rebound in risk assets may have seen some short covering inTue, 29 Nov 2011 18:46:18 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-11-29.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-11-21.htmlThe latest IMM data covers the week from 8 November to 15 November. Stable USD longs: Considering the still-high volatility in financial markets and the considerable event risks related to the European debt crisis, FX market positioning has been remarkably stable. Non-commercial investors remain significantly long the dollar, short the euro and modestly long the high-yielding commodity currencies NZD and AUD. Still stretched EUR shorts: Short EUR positions were built further last week, asMon, 21 Nov 2011 13:11:12 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-11-21.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-11-18.htmlThe latest IMM data covers the week from November 1 to November 8. Long USD positions turn less stretched: Non-commercial investors reduced net long dollar positions in the week to November 8, but given the escalation of the European debt crisis over the past week, long positions are likely to have been rebuild – and most likely also extended. Volatility skews on the option market suggests that the market is quite long the dollar and shorter dated EUR/USD risk reversals are near a record lowFri, 18 Nov 2011 13:08:23 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-11-18.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-11-07.htmlThe latest IMM data cover the week from 25 October to 1 November. Positioning leaves less room for accelerated JPY strength: Net long JPY positions were reduced by 43 percent following last Monday’s BoJ intervention, but remain well above the historical average. This reduces the potential of an accelerated move back lower in USD/JPY, but we still see risks skewed in that direction. Relative fundamentals remain JPY-positive until the BoJ eases monetary policy more significantly – unsterilizedMon, 07 Nov 2011 13:23:40 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-11-07.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-10-31.htmlThe latest IMM data cover the week from 18 to 25 October. BoJ likely triggered large position squeeze: Non-commercial investors added USD4.5bn to long yen positions last week, which took net longs back above 30 percent of open interest. This not only helps explain the recent lack of yen weakness at a time when most financial markets are in the process of pricing a lower global recession risk, but also means that the BoJ likely got a bigger bang-for-the-yen in today’s intervention. RecentMon, 31 Oct 2011 13:17:47 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-10-31.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-10-24.htmlThe latest IMM data cover the week from 11 to 18 October. Short EUR positioning may have contributed to EUR’s rally: While the weekend‟s EU summit yielded little concrete news in terms of the core issues (bank recapitalisation, boosting the EFSF and the level of PSI in Greece), EUR/USD has nonetheless staged a significant rally since Friday. Besides the continued improvement in US economic data, signalling that recession fears are exaggerated, a factor facilitating the rally has likely beenMon, 24 Oct 2011 12:09:05 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-10-24.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-10-17.htmlThe latest IMM data cover the week from 4-11 October. Dollar squeeze not yet visible in IMM data: The IMM data are as always published with a delay and hence do not fully reflect the broad-based dollar decline last week. The DXY dollar index has now lost 4% since its early October high and more than 1% since the IMM data were collected. Still, data show that non-commercial investors had added marginally to net long dollar positions – now at USD14.6bn. Last week’s position squeeze is likely toMon, 17 Oct 2011 12:10:31 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-10-17.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-10-10.htmlThe latest IMM data cover the week from 27 September to 4 October. Speculation about higher EUR/CHF floor drives position re-balancing: For the first time since mid-2010 when the Swiss National Bank (SNB) abandoned its first rounds of interventions on the currency market, non-commercial investors have turned net short the Swiss franc. As a share of open interests, net short positions reached 4 percent last week, which is broadly the historical average. We doubt that a hike of the 1.20 floor isMon, 10 Oct 2011 14:24:12 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-10-10.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-10-03.htmlThe latest IMM data covers the week from September 20 to September 27. Aggregate USD longs now almost 2 std dev above mean: The DXY dollar index has gained almost 8% since late August and in the same period non-commercial investors have gone significantly long. The latest IMM data shows that another USD 5.4bn were added to net long dollar positions, which are now at the highest level since June 2010. Commodity currency unwind: The latest build-up in long dollar positions does not come on theMon, 03 Oct 2011 12:14:10 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-10-03.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-09-26.htmlThe latest IMM data covers the week from 13 September to 20 September. The dollar is the true safe haven: Investors continue to add to long dollar positions, which have now reached the highest level since summer 2010 (as a share of open interest). The global cyclical slowdown remains the most important theme in the market and with economic data expected to weaken further we see a high probability of a further build-up in long dollar positions and a further dollar appreciation. Short EUR/USDMon, 26 Sep 2011 12:06:13 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-09-26.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-09-19.htmlThe latest IMM data covers the week from 6 September to 13 September. Dollar positioning is catching up with risk assets: The recoupling of the dollar and risk assets not only triggered large dollar gains but has also seen non-commercial investors turn net long the dollar for the first time since July 2010 (see Chart 2). Long USD positions have been added against EUR, GBP and CAD.  Short EUR/USD positions are built further: The latest IMM data was collected on 13 September after EUR/USDMon, 19 Sep 2011 12:59:57 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-09-19.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-09-12.htmlThe latest IMM data covers the week from August 30 to September 06. Investors unwinding short dollar positions: One of the great puzzles in past months has been the dollar’s decoupling from relative rates and price movements in risk assets. However, this decoupling has now ended and the dollar is back on investors’ lists of safe havens on the currency market. Non-commercial investors have unwound the bulk of their short dollar positions and have added significant long dollar positions againstMon, 12 Sep 2011 12:06:41 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-09-12.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-09-06.htmlThe latest IMM data cover the week from 23 to 30 August Short USD positions reduced slightly: Non-commercial investors remain net short the dollar, but scaled back positions by USD1.7bn to USD16.9bn. Short USD positions  are still mainly against NZD, AUD, JPY and CHF. The dollar has performed strongly since IMM data were collected on 30 August – with the DXY index gaining 1.5% - which is likely to have coincided with short dollar positions being scaled back further. No conviction inTue, 06 Sep 2011 13:08:33 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-09-06.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-08-29.htmlThe latest IMM data cover the week from 16 to 23 August.  BoJ intervention risks not enough to scare investors: JPY positioning has been stretched since late July and has remained very sticky, even though USD/JPY is trading close to what must be considered high intervention-risk levels. At 36 percent of open interest, net long positions are currently about 1.5 std dev above the historical average. This suggests potential for an accelerated move higher in USD/JPY, should BoJ intervene inMon, 29 Aug 2011 13:35:20 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-08-29.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-08-22.htmlThe latest IMM data covers the week from 9 to 16 August. Non-commercial investors accumulate further safe-haven longs: Although financial markets recovered during the week covered by the latest IMM report, the data showed non-commercial investors adding to long positions in the safe-haven currencies. Notably, long JPY positioning exceeds 37% of open interest, while long CHF positioning has also increased sharply to the current levels of nearly 19% of open interest. Given the heightened levelMon, 22 Aug 2011 12:14:41 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-08-22.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-08-16.htmlThe latest IMM data cover the week from 2 to 9 August. Short dollar positions have been unwound, but the dollar is not stronger: The latest IMM data were collected on 9 August, the day when stock markets posted what until now has been the trough. Investors were cutting risk exposure fast and, coinciding with a broadbased move out of equities, short dollar positions were unwound. In one week, noncommercial investors reduced aggregate net short dollar positions from USD30bn to USD15bn – with theTue, 16 Aug 2011 12:06:55 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-08-16.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-08-08.htmlThe latest IMM data cover the week from 26 July to 2 August. USD shorts remain significant despite risk sell-off: The stock market decline accelerated into 2 August when the IMM data were collected. Still, non-commercial investors maintained significant short positions in the dollar – with aggregate net short USD positions only dropping by USD0.8bn to USD30.6bn. Expectations of an US downgrade may be part of the explanation, but the resilience in commodity prices until mid last week likelyMon, 08 Aug 2011 12:09:37 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-08-08.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-08-01.htmlThe latest IMM data covers the week from July 19 to July 26. Non-commercial investors are significantly short in the dollar: Aggregate net short dollar positions were built further last week to USD31.4bn, as the fiscal focus shifted across the Atlantic. Short dollar positions were added not least against the JPY and EUR, but also against the commodity currencies CAD and AUD, where net positioning is becoming increasingly stretched. JPY longs are most vulnerable to reduced USD risk: TheMon, 01 Aug 2011 12:15:32 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-08-01.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-07-25.htmlThe latest IMM data covers the week from 12 to 19 July. EUR net longs likely to have rebounded last week: The IMM data is as always published with a delay and the current report hence shows the positioning only as of last Tuesday – and hence before the EU summit. With the EUR/USD close to three big figures higher on the week, non-commercial investors are likely to have added to net long EUR positions, which stood at a modest 5% of open interest going into last week. Market adds to dollarMon, 25 Jul 2011 16:14:34 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-07-25.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-07-18.htmlThe latest IMM data covers the week from July 5 to July 12. Non-commercial investors shed long-euro positions. After long being a bystander to the eurozone’s sovereign debt woes, Italy took centre stage last week as the country’s borrowing costs surged. The escalation of the debt crisis caused the euro to drop toward 1.38 in the week covered by the data, mirroring a sharp reduction in long-euro positioning. The data suggest that non-commercial investors are currently close to square, leavingMon, 18 Jul 2011 13:07:00 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-07-18.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-07-11.htmlThe latest IMM data covers the week from 29 June to 5 July. The single currency fell back into favour with speculators last week ahead of the ECB meeting; non-commercial positions currently account for more than 20% of total open interest. However, renewed uncertainty over a potential Greek default and increased market focus on the debt situation in Italy and Spain may have cut some EUR longs towards the end of the week (after latest IMM data was collected). Market players might be hesitantMon, 11 Jul 2011 12:34:50 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-07-11.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-07-05.htmlThe latest IMM data cover the week from 21-28 June. Non-commercial investors added to long positions in EUR following the passing of the confidence vote for Greek PM Papandreou. Hence, long positioning as a share of open interest rose to 18 percent during the week covered by the data. Note that the data were collected ahead of the successful austerity votes and the subsequent rise in EUR/USD to levels above 1.45, meaning that EUR long positioning is likely to have been extended further thanTue, 05 Jul 2011 12:13:47 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-07-05.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-06-27.htmlThe latest IMM data covers the week from 15 to 21 June. EUR: Speculative positioning in the euro continued to be unwound last week as focus remained on Greece ahead of the confidence vote in parliament. However, with EUR/USD actually being sold off – falling close to the 1.41 level – after the vote went through, it is likely that EUR longs may have been taken off in the second half of last week (and thus post CFTC data collection). EUR non-commercial longs now constitute a mere 16% of openMon, 27 Jun 2011 12:18:59 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-06-27.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-06-20.htmlThe latest IMM data covers the week from June 7 to June 14. Lower open interest makes EUR positioning look stretched. A big drop in open interest has led net long EUR positions as a percentage of open interest to rise from 18 to 26 percent, even as net positions were reduced marginally by USD 0.5bn. That noncommercial investors kept net long positions broadly unchanged – and even increased these as a share of open interest – is somewhat surprising given the weak risk sentiment and increasedMon, 20 Jun 2011 14:35:06 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-06-20.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-06-14.htmlThe latest IMM data covers the week from 31 May to 7 June. Miniature replay of the May euro correction: As expected, non-commercial investors had added to long euro positions ahead of last week’s ECB meeting. By Tuesday (the IMM cut-off day), USD5.4bn had been added, taking net long euro positions to 18% of open interest. A decent increase, but still far from the stretched 39% of open interest seen before the May ECB meeting, which in turn implied that the correction lower in EUR/USD this timeTue, 14 Jun 2011 19:15:23 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-06-14.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-06-06.htmlThe latest IMM data covers the week from 24 May to 31 May. Short USD positions built for the first time in four weeks: The unwinding of short dollar positions ended last week, as non-commercial investors added USD2.9bn toshort aggregate positions. The rebuilding of short dollar positions has coincided with recent dollar weakness and was probably extended into the end of last week following weak US data. Room for long EUR positions to be rebuilt: EUR/USD had already corrected back to the 1.44Mon, 06 Jun 2011 13:43:17 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-06-06.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-05-31.htmlThe latest IMM data cover the week from 17-24 May. EUR/USD risk from positioning has become more symmetrical: The dollar rebound that was initiated after the 5 May ECB meeting has seen a significant unwind of short dollar positions – not least against the euro. As a result, positioning is now at more neutral levels. Net short dollar positions have been reduced to USD19bn and net long euro positions have fallen to just 7 percent of open interest – the lowest level since January. As always,Tue, 31 May 2011 12:18:24 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-05-31.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-05-23.htmlThe latest IMM data cover the week from 11 to 17 May. Speculators continued to shed long EUR positions last week and net long positioning declined close to 40% of open interest. Hence, the market was in fact less one-sided in its bets on EUR/USD prior to the sell-off seen since Friday when focus on debt in Euroland re-surfaced on talks about a soft restructuring in Greece and regional elections in Spain seeing the Socialist party ousted in many places. With markets starting to look towards theMon, 23 May 2011 12:16:34 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-05-23.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-05-16.htmlThe latest IMM data covers the week from May 3 to May 10. Significant euro unwinding: As expected, and indicated by the big spot correction, the last data period saw a big unwind in long euro positions. Net long euro positions were cut from 38% to 25% of open interest – a move equivalent to 38,000 contracts. As always, however, the IMM was collected with a delay (last Tuesday) and hence likely underestimates the actual position squeeze. Extrapolating into the remainder of the week wouldMon, 16 May 2011 11:58:31 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-05-16.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-05-09.htmlThe latest IMM data cover the week from 26 April to 3 May. Large build-up in long positions ahead of ECB allowed for a big correction: In just two days EUR/USD gave up more than three percent – or all the gains since the post  USdowngrade- rebound on 19 April. Stretched positioning was always a concern during the euro rally, however, we were surprised to see from the IMM data just how stretched the market was. By Tuesday last week (two days before the ECB meeting) non-commercial investorsMon, 09 May 2011 12:06:59 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-05-09.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-05-02.htmlThe latest IMM data covers the week from 19 April to 26 April. Further build-up in USD short positioning ahead of Fed decision: Noncommercial investors continued to add to their short USD positions ahead of last week’s FOMC meeting, thereby adding to the trend for a weaker USD. The effective dollar index fell 1.6% during the week covered by the data, as the outlook for a stilldovish Fed weighed on the greenback. Short USD positioning versus the EUR has thus reached 27% of open interest,Mon, 02 May 2011 12:54:33 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-05-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-04-26.htmlThe latest IMM data covers the week from 12 April to 19 April. Non-commercial investors remain positioned for a weaker dollar: The dollar rebounded somewhat last week after the downgrade of US debt from ‘stable’ to ‘negative’ triggered a sell-off in risk assets. As a result, net short USD positions were scaled back slightly against EUR and AUD. Non-commercial investors remain positioned for a sustained dollar downtrend, however, and the dollar weakness seen after the IMM data was collected onTue, 26 Apr 2011 12:10:03 GMThttp://www.fxstreet.com/technical/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/technical/analysis-reports/imm-positioning/2011-04-26.html