IMM net speculators’ positioning as at 30 August 2016 - Rabobank

Analysts at Rabobank offered a breakdown of the IMM net speculators’ positioning as at 30 August 2016.

Key Quotes:

"For the first time in nine weeks bearish bets against the pound edged lower encouraged by the better tone of recent UK data releases. That said, the level of outstanding net short positions remains very large by historical standards.

EUR shorts bounced higher last week having dropped during the previous four weeks. The current level of shorts is around double that of late April.

USD longs edged a little lower last week following the Jackson Hole event. US longs are currently at their lowest level since mid-July.

Net JPY longs increased last week for a fifth consecutive week. Although the yen has recently firmed in reaction to concerns that BoJ policy action may be reaching the end of the road, hope is re-emerging that BoJ easing may be extended at the September policy meeting.

CAD net longs bounced higher week. Despite looser fiscal policy, the market has become less certain that BoC rates will remain on hold into 2017.  

The level of AUD longs was little changed. The carry trade continues to lend support despite the recent RBA rate cut."