IMM Positioning

Carry positioning as negative as ever

• Risk aversion dominated speculative FX positioning in the week from 16 September to 23 September; carry positioning (long GBP, AUD, NZD and short CHF, JPY) is now as negative as ever. An interpretation of that is that investors prefer to stay away from riskier assets and instead buy safe-haven assets as a protection to further rapid deleveraging. The data was however collected prior to the approval of the US TARP (Troubled Asset Rescue Package).
• Net long USD positions were reduced by USD 1.5bn to USD 12.1bn in a week where the dollar only appreciated against the yen in the G10 FX universe. The net long yen position saw another increase to USD 3.8bn.
• Net short GBP and CHF positions were extended slightly while CAD, AUD and NZD positions all were reduced.
• The largest net short positions against the USD remain in EUR and GBP.
• On the commodity market, net long oil positions saw a doubling from 19.4T contracts to 41.7T contracts. Also net long gold positions were increased

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