Money managers were net sellers of dollars for the first time in nine weeks during the week ending March 26, primarily due to continued strong buying of AUD, with the net-long rising by 58 percent from the previous week. All in all, the net dollar long position derived from the eight IMM currency futures fell by USD 2.2 billion to USD 18.2bn. The MXN and NZD are the only other two currencies where a net-long position is being held, while the least favoured remains the JPY, EUR and GBP.
GBP: Apart from one week, the sterling has been net-sold every week so far this year. Last week, the net-short reached 66,555 contracts, almost equaling the 2010 and 2011 lows of 76,745 and 68,724 respectively.
EUR: The net-selling was primarily triggered by long positions scaling back further, having lost confidence in the EUR’s ability to rise amid ongoing concerns about Cyprus and the Euro area in general.
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