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20.05.2019 20:17

EUR shorts dropped, USD longs edged lower - Rabobank

Rabobank's analysts note USD longs edged lower but they have remained essentially consolidative since the middle of March, according to IMM net speculators’ positioning as at May 14, 2019.  

  • Having dropped lower in the November/December period in response to a more dovish outlook for the Fed, USD longs then consolidated for a lengthy period. Another leg lower occurred in mid-March. Better US economic data may support the USD in the next set of data.
  • Short EUR positions dropped lower last week breaking the recent trend. Better than expected Q1 Eurozone growth data may have offered some support.
  • The level of JPY shorts dropped sharply last week as tension in the market regarding US/China trade talks and Iran continued to lurch higher.
  • Net short GBP positions dropped back on hopes for a breakthrough in cross-party Brexit talks remain.
  • CHF net shorts remained essentially consolidative. They remain at relatively elevated levels considering the rise of risk aversion in the market.
  • CAD net shorts edged higher, breaking the recent trend.
  • AUD net shorts increased again ahead of the election and on speculation of a potential June RBA rate cut.


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Sydney 21:00 06:00 00:00 09:00 00:00 09:00
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Asian Tokyo 23:00 08:00 02:00 11:00 02:00 11:00
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European Frankfurt, Zurich, Paris 06:00 15:00 09:00 18:00 9:00 18:00
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London 07:00 16:00 10:00 19:00 10:00 19:00
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Chicago 13:00 22:00 16:00 01:00 16:00 01:00