Tuesday, September 15, 2015

JPY: Neutral net positions – Deutsche Bank

FXStreet (Delhi) – Research Team at Deutsche Bank, notes that investors have been unwinding a considerable amount of gross JPY shorts during the last four weeks, bringing the net JPY position close to neutral now.

Key Quotes

“IMM data show that there has been little change in the overall USD long dollar exposure over the last week. Implied USD positions as a percentage of open interest increased modestly to 45% from 43% in the past week.”

“Speculators raised their bearish sentiment regarding EUR, GBP and NZD over the last week. Meanwhile, net short positions in both AUD and CAD, though trimmed, remain at extended levels compared to recent history. Short positions in CHF and MXN have also been trimmed.”

“According to the TFF report, leveraged funds have marginally pared implied USD longs, whereas asset managers have added a decent amount of USD net longs. In yen, leveraged funds reduced net shorts by almost half over the previous week while asset managers scaled down their bearish positions only marginally.”

“Sentiment in GBP deteriorated over the previous week as leveraged funds cut significant amounts of net longs, whereas asset managers marginally reduced their net shorts. Net positioning in CHF, CAD, AUD and MXN improved as leveraged funds cut their net shorts. Both communities trimmed their bearish positions in EUR over the latest week.”
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