The last collection of speculative IMM FX positioning in 2012 showed an almost unchanged aggregate USD net position. The data covering the week ending December 25 did however show some reshuffling amongst the individual currencies with both the AUD and CAD being sold in decent numbers while continued buying of the EUR saw its net position move back to almost zero for the first time since August 2011.
– The CHF net-long more than doubled despite negative interest rates and calm market conditions
– AUD and CAD suffered some pre-Christmas selling both of which now seem to have been reversed
– The JPY remains heavily sold with the net short near the highest since July 2007
– The move back to a neutral EUR position has primarily been driven by a relative sharp increase in new gross long positions which have more than doubled during December. Up until then the move higher was primarily driven by short covering.
Click here to read the full report: FX CFTC_010213
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