March 25 - April 1
IMM data released last Friday revealed the largest single week bullish build in non-commercial AUD-positioning since March 2013. Measured in percentage of open interest the change in positioning was a considerable 20 percentage points, which in absolute terms has only happened in seven weeks in the past six years. Investors are now broadly square the Australian dollar which has not been the case since May 2013. Consequently, from a positioning point of view, the AUD now seems the most sensitive to negative news for almost a year.
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