According to IMM net speculators’ positioning as at June 11, 2019, USD longs moved lower for a second week and by a larger margin, notes the research team at Rabobank.
Key Quotes
“This has taken net longs to their lowest level since July 2018 as the market prepares for the possibility of a Fed rate this summer.”
“The level of net EUR short positions edged a little lower. The previous week they had dropped sharply ahead of last week’s ECB meeting. This suggests that speculators do not expect a significant increase in dovish rhetoric from the ECB just yet.”
“Net short GBP positions edged a little lower after the previous week’s surge, though they remains elevated.”
“The level of JPY shorts increased modestly following the sharp drop the previous week.”
“CHF net shorts dropped sharply.”
“CAD net shorts fell back. BoC policy, trade talks and oil prices are in view.”
“AUD net shorts held extremely steady last week awaiting further developments on RBA policy and Chinese growth.”
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