CFTC: dollar longs reduced - Rabobank

 
Analysts at Rabobank offered the IMM Net Speculators’ Positioning as at 31 May 2016.

Key Quotes:

"EUR shorts held steady last week having pushed higher in the middle of May. Short positions reached their lowest last month since May 2014 which was before the ECB initially cut its discount rate into negative territory.

Net USD longs edged down to their lowest level for four weeks. They are around a third of the size recorded in February.

JPY longs have dropped significantly in recent weeks which is suggestive of an improvement in risk appetite. Last week they reached their lowest level since the first week in January.

Net sterling shorts were stable last week having pushed higher the previous week. GBP remains vulnerable to political uncertainty ahead of the June 23referendum on EU membership. Latest opinion polls have pointed to a slim margin in favour of the ‘Leave’ campaign.

Net CHF long positions dropped heavily last week to their lowest levels since March. In April they moved to their strongest levels since June 2015 despite the SNB’s reiteration of its threat that it could intervene to offset demand for the CHF."