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FX Strategy
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Speculative investors reduce USD longs significantly
Tue, Dec 23 2008, 14:34 GMT
by Kasper Kirkegaard
- The latest IMM data covers the week from 9 to 16 December, and shows that overall speculative positions were reduced significantly for all currencies, but JPY and CHF.
- Speculative investors shed USD longs for a fourth week, as the dollar came under pressure, weakening against all G10 currencies.
- EUR saw the largest short-term rally since the single currency was introduced, and gained close to 10% against USD in the week to 16 December. Net short EUR positions were scaled back, which in combination with the reduction in USD longs, implies a significant cutback in implied short EUR/USD positions.
- Speculative investors reduced net short CHF positions marginally. CHF lost slightly against EUR in the week to 16 December, but has appreciated against EUR since, as the only G10 currency besides SEK.
- Net GBP positions were broadly unchanged, despite EUR/GBP moving above 0.90 for the first time. However, the IMM data was collected before the accelerated move in EUR/GBP above 0.95.
Published on Tue, Dec 23 2008, 14:41 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
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