CFTC: Specs increase EUR shorts, while USD positions edge lower – Rabobank

FXStreet (Barcelona) – The Research Team at Rabobank offers the CFTC IMM Net Speculators’ Positioning as at 23 June 2015.

Key Quotes

“At the start of last week risk appetite was elevated as the market prematurely started to celebrate the signs of compromise between Greece and its creditors. As investors became more confident about risky assets, EUR shorts increased and reversed some of the previous week’s move. This sentiment soured as the week progressed.”

“USD positions edged a little lower extending the previous week’s drop on the back of the June FOMC in which the Fed lowered its trajectory for 2016 rate hikes. Better US economic data, however, has been USD supportive.”

“GBP net shorts lost further ground this week. Although concerns about an UK austerity budget in July and a EU referendum could weigh on the pound going forward, hawkish comments from some MPC members has lent GBP support.”

“JPY shorts recouped a little of the previous week’s losses. Comments from BoJ Governor Kuroda regarding the weakness of the yen’s effective exchange rate were downplayed. Also risk appetite was temporarily improving at the start of last week.“

“CHF net positions have held above zero for thirteen consecutive weeks with Grexit uncertainty likely driving safe haven demand. SNB FX intervention is likely to stop longs accumulating too far.”

“Speculators were more bearish on both AUD and CAD positions last week with commodities prices being closely watched.”

The Research Team at Rabobank offers the CFTC IMM Net Speculators’ Positioning as at 23 June 2015.

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