IMM Positioning

Speculative investors turn net short in AUD

• Total speculative positions were extended slightly in the week 9-16 September as net long USD positions were built by USD 1.0bn to USD 13.6bn in a week when EUR/USD edged back well above 1.40.
• Speculative investors turned net short in AUD for the first time since 2006 and are also marginally net short in NZD. Both currencies have seen considerable depreciation in recent months and carry underperformance has been significant.
• Net long JPY positions were extended, and the JPY is now the only currency besides MXN where speculative investors are still net long against USD.
• The largest net short positions against the USD remain in EUR and GBP.
• On the commodity market, net long oil positions were extended slightly.
• On the bond market, speculative investors turned net short in both 2-year and 10-year notes. US Treasuries rallied strongly prior to the compilation of IMM data on 16 September, but have since seen a historical sell-off

Danske Bank
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