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FX Strategy
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Further reduction of EUR shorts, speculative investors turn bullish on oil
Tue, Nov 25 2008, 14:29 GMT
by Danske Research Team
- The latest IMM data covers the week from 11 to 18 November. While overall positions saw little change, EUR shorts were further reduced while CHF, CAD and GBP shorts were extended. Speculative positions in oil saw a major turnaround as net longs were established.
- The reduction in EUR shorts marks the week's biggest change in currency positions. Since 21 October, EUR shorts against USD have constantly been reduced.
- Net short CHF, CAD and GBP positions were extended, consistent with the moves in the spot rates seen during the time period covered by the week's IMM data.
- The latest IMM data shows a reversal of the substantial negative net oil position. Following the fall in Brent crude oil below USD50/barrel, speculative investors have now again established net long positions.
- Bond market speculative investors reversed the trend from the previous week by positioning for a flattening of the curve - positions in 2- years were sold off, while positions in 10-years were extended.
Published on Tue, Nov 25 2008, 14:39 GMT
Archive
- NOK: Preview of Norges Bank meeting
Published On Mon, Mar 23 2009, 17:39 GMT - Don't fight the Fed
Published On Fri, Mar 20 2009, 10:35 GMT - EUR/GBP: To parity or not to parity?
Published On Wed, Dec 24 2008, 14:53 GMT - Speculative investors reduce USD longs significantly
Published On Tue, Dec 23 2008, 14:34 GMT - EUR/SEK to remain elevated
Published On Tue, Nov 25 2008, 14:42 GMT
Danske Bank
| Holmens Kanal 2-12, DK-1092 Copenhagen
http://www.danskebank.com/ | danskeresearch@danskebank.com
Legal disclaimer and risk disclosure
This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
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