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23 Feb 2015
IMM positioning data suggests more room for USD strength – Danske
FXStreet (Barcelona) - Flemming J. Nielsen, Senior Analyst at Danske Bank, comments on the IMM Net Positioning data for the week ending 17th February, noting that there is still room left for a renewed USD strength.
Key Quotes
“The latest IMM positioning data released Friday show that speculators reduced their bearish bets in GBP, JPY and EUR vis-à-vis the USD in the week ending 17 February. The combined ‘short-covering’ in the three majors has reduced the aggregate bullish USD bets to levels last seen in December, when year-end and profit taking reduced investor appetite for ‘greenback’-exposure.”
“Indeed, lately USD strength has seen a breather as US data have surprised to the downside relative to other major economies and most noteworthy the euro zone.”
“However, from a positioning point of view, the IMM data suggest that there should be room for renewed USD strength.
Key Quotes
“The latest IMM positioning data released Friday show that speculators reduced their bearish bets in GBP, JPY and EUR vis-à-vis the USD in the week ending 17 February. The combined ‘short-covering’ in the three majors has reduced the aggregate bullish USD bets to levels last seen in December, when year-end and profit taking reduced investor appetite for ‘greenback’-exposure.”
“Indeed, lately USD strength has seen a breather as US data have surprised to the downside relative to other major economies and most noteworthy the euro zone.”
“However, from a positioning point of view, the IMM data suggest that there should be room for renewed USD strength.