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2 Feb 2015
Specs decrease overall net USD longs - ANZ
FXStreet (Bali) - According the positioning data for the week ending 27 January 2015, Leveraged funds decreased their overall net long USD positioning for the second consecutive week, notes the FX Research Team at ANZ.
Key Quotes
"Leveraged funds decreased their overall net long USD positioning for the second consecutive week by USD3.6bn to USD35.0bn. The reduction in USD positioning was mainly driven by net buying in EUR, JPY and CHF."
"Positioning data for the last few weeks has been skewed in anticipation of monetary easing by the ECB. Now that markets have digested the ECB’s QE decision on 22 January, it is unsurprising that we see a reduction in short positioning in EUR."
"Net short positioning in EUR reduced to USD18.7bn from USD20.0bn previously. This was in line with the rally we had seen in the EUR/USD after it bottomed out at 1.1098 post the ECB decision. Part of the reduction in EUR shorts likely reflected profit taking."
"Net short positioning in CHF continues to see a reduction for the second consecutive week following the SNB’s decision to abandon the EUR/CHF floor on 15 January. Net short positioning was reduced to USD1.1bn from USD1.5bn."
"JPY saw the largest net buying for the week. Net short positioning in JPY was reduced to USD6.3bn from USD7.6bn."
"Commodity currencies continue to see reductions in net short positioning, likely on the back of the stabilisation in oil prices (see Figure 10 in PDF). Net buying of USD0.6bn was registered in the week, helped by both AUD and CAD. NZD however, saw a slight rise in net short positions ahead of the RBNZ decision on 29 January."
Key Quotes
"Leveraged funds decreased their overall net long USD positioning for the second consecutive week by USD3.6bn to USD35.0bn. The reduction in USD positioning was mainly driven by net buying in EUR, JPY and CHF."
"Positioning data for the last few weeks has been skewed in anticipation of monetary easing by the ECB. Now that markets have digested the ECB’s QE decision on 22 January, it is unsurprising that we see a reduction in short positioning in EUR."
"Net short positioning in EUR reduced to USD18.7bn from USD20.0bn previously. This was in line with the rally we had seen in the EUR/USD after it bottomed out at 1.1098 post the ECB decision. Part of the reduction in EUR shorts likely reflected profit taking."
"Net short positioning in CHF continues to see a reduction for the second consecutive week following the SNB’s decision to abandon the EUR/CHF floor on 15 January. Net short positioning was reduced to USD1.1bn from USD1.5bn."
"JPY saw the largest net buying for the week. Net short positioning in JPY was reduced to USD6.3bn from USD7.6bn."
"Commodity currencies continue to see reductions in net short positioning, likely on the back of the stabilisation in oil prices (see Figure 10 in PDF). Net buying of USD0.6bn was registered in the week, helped by both AUD and CAD. NZD however, saw a slight rise in net short positions ahead of the RBNZ decision on 29 January."