The main news from last week was undoubtedly the news from Cyprus and it triggered a major round of position adjustments in the speculative positions held by money managers in IMM currency futures. During the week ending Tuesday March 19, which was two days after the news broke, the EUR was heavily sold while the knee-jerk reaction lower in USDJPY triggered some JPY buying. Net-short positions against the dollar are held in all but three of the eight IMM currencies tracked in this report. The GBP was sold for a ninth week despite the recovery which had already begun by March 19 and which continued following the budget announcement.
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