EUR longs dropped, USD longs remain consolidative - Rabobank
|According to IMM net speculators’ positioning as at October 2, 2018, having popped higher in the middle of September, USD speculators’ long positions have remained essentially consolidative.
Key Quotes
“Although September was mostly a poor month for the USD in the spot market as many emerging markets regained their footing, the USD has performed better in recent weeks.”
“EUR long positions had already dropped heavily in the middle of September. Although they subsequently won back some ground, they fell back into negative ground again last week.”
“GBP shorts have been choppy in recent weeks, reflecting uncertainty regarding Brexit and the UK political backdrop.”
“Net JPY short positions powered higher last week, returning to their highest level since January.”
“CHF net shorts have dropped back for six consecutive weeks.”
“CAD shorts have lessened moderately likely in response to the news of a revised trade agreement with the US.”
“AUD shorts edged lower but remain elevated with concerns about Chinese growth and a slower domestic property market contributing to a cautious central bank outlook.”
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