24 Mar 2014
Flash: Moderate changes in specs positioning - TDS
FXStreet (Bali) - IMM positioning in the major currencies registered moderate changes in the week through March 18th, reports the team of strategists at TDS.
Key Quotes
"The outlier was the move in JPY positioning, where CTAs and speculative investors covered roughly a third of outstanding net shorts during the week. As a result, net JPY shorts declined to 61.1K contracts."
"That helped the implied aggregate long USD position held by the market slide to USD 0.7bn, the lowest since early November."
"CAD was the only currency that saw an increase in net shorts, with contracts reaching –69.8k on the week, a build-up of 17.6k net short contracts."
"CTA and speculative investors continued to favor EUR during the reference period. Net longs increased to 53.0k contracts, extending the reversal from a net short position of –6.9k contracts observed in early February. "
"Speculative accounts also boosted net long CHF positioning in the week—driving net longs to +15.1k contracts. Similarly, net GBP and NZD longs rose to 25.5k and 15.8k, respectively."
"Short covering also played out for MXN, with investors reducing net shorts to –1.3k. However, that remains in stark contrast to the +151k net longs the market had on roughly a year ago."
Key Quotes
"The outlier was the move in JPY positioning, where CTAs and speculative investors covered roughly a third of outstanding net shorts during the week. As a result, net JPY shorts declined to 61.1K contracts."
"That helped the implied aggregate long USD position held by the market slide to USD 0.7bn, the lowest since early November."
"CAD was the only currency that saw an increase in net shorts, with contracts reaching –69.8k on the week, a build-up of 17.6k net short contracts."
"CTA and speculative investors continued to favor EUR during the reference period. Net longs increased to 53.0k contracts, extending the reversal from a net short position of –6.9k contracts observed in early February. "
"Speculative accounts also boosted net long CHF positioning in the week—driving net longs to +15.1k contracts. Similarly, net GBP and NZD longs rose to 25.5k and 15.8k, respectively."
"Short covering also played out for MXN, with investors reducing net shorts to –1.3k. However, that remains in stark contrast to the +151k net longs the market had on roughly a year ago."