Money managers were net-buyers of dollars for a third week as selling pressure on CAD, GBP and especially JPY continued. The data covering the week ending March 12 showed the dollar being net bought against four of the IMM currency futures, especially the JPY, while buyers returned to the AUD for the first time in seven weeks.
– EUR positioning was unchanged during a week where the EURUSD was mostly rangebound around 1.3000
– JPY selling resumed with the net-short almost reaching the multi-year high from December. Interestingly the gross-long remained unchanged despite the 2.7 percent price drop during the week.
– AUD buyers returned as support held up. The stronger than expected job report later in the week would have triggered addtional buying from short-covering.
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