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According to IMM net speculators’ positioning as at  October 23, 2018, USD speculators’ long positions have since remained essentially consolidative at high levels as long positions have crept higher for four consecutive weeks, points out the research team at Rabobank.

Key Quotes

“Short EUR positions increased for a fourth week and are at their greatest level since March 2017.”

“GBP shorts were pulled back for the second consecutive week.”

“Net JPY short positions dropped back for a second consecutive week having reached their highest level since January earlier in the month.”

“CHF net shorts pushed higher for a second week, breaking a trend that persisted for seven consecutive weeks.”

“CAD shorts have lessened for a fifth consecutive week in response to the news of a revised trade agreement with the US and ahead of last week’s BoC policy meeting in which rates were hiked.”

“AUD shorts edged a little lower for a second  having moved to their greatest level since March 2015 earlier in the month. Concerns about Chinese growth and a dovish central bank have weighed on risk appetite.”