9 Dec 2014
USD longs at record highs - DB
FXStreet (Bali) - Deutsche Bank reviews the latest IMM Commitment of Traders Report, for the week ending Dec 2, noting that implied USD longs remained at record high levels.
Key Quotes
"Implied USD longs remained at record high levels of 71% of open interest as of last Tuesday. Leveraged funds positioning remained largely unchanged while asset manager longs were pared modestly."
"Investors were long dollars against every other currency with EUR, JPY and CHF the top shorts. Speculative shorts in EUR were cut marginally by both leveraged funds and asset managers going into the ECB meeting which could explain the limited rebound in EUR/USD after the meeting. The reduction in EUR shorts was accompanied by some rotation of funding into JPY shorts, which rose for a fifth consecutive week, mostly driven by the leveraged community. Fast money yen shorts are still some way off record highs, however. Elsewhere asset managers added modestly to their large GBP shorts and leveraged funds increased their short positions in MXN."
Key Quotes
"Implied USD longs remained at record high levels of 71% of open interest as of last Tuesday. Leveraged funds positioning remained largely unchanged while asset manager longs were pared modestly."
"Investors were long dollars against every other currency with EUR, JPY and CHF the top shorts. Speculative shorts in EUR were cut marginally by both leveraged funds and asset managers going into the ECB meeting which could explain the limited rebound in EUR/USD after the meeting. The reduction in EUR shorts was accompanied by some rotation of funding into JPY shorts, which rose for a fifth consecutive week, mostly driven by the leveraged community. Fast money yen shorts are still some way off record highs, however. Elsewhere asset managers added modestly to their large GBP shorts and leveraged funds increased their short positions in MXN."