The research team at Rabobank elaborates on the CFTC Net Speculators’ Positioning as at 25 October 2016, highlighting that the USD long positions are seen returning to the levels seen in Sept 2015.
“The rapid advance of USD longs continued apace with positions returning to levels last seen in September 2015.”
“Bearish bets against the pound dropped back for the third consecutive week having reached multi-year highs earlier in the month on the back of a surge in fears about a hard Brexit.”
“EUR shorts ramped higher again last week, returning to levels last recorded in January.”
“Net yen longs recovered some ground last week. There is little expectation of the BoJ announcing any further policy measures at this week’s meeting.”
“CAD net shorts dropped back modestly. This was despite the surprisingly dovish tone of the BoC on October 19. The level of AUD longs grew for a fifth consecutive week.”