The latest IMM data cover the week from 5 to 12 August 2014.
IMM data released last Friday revealed that investors for the first time in five weeks added net EUR longs. From a historical perspective, however, the move was insignificant and speculative EUR positioning therefore remains in stretched short territory. Note that we this morning sent out a new FX Forecast Update, in which we argue that monetary policy divergence and portfolio flows will drive EUR/USD lower. We emphasise that positioning poses a barrier for rapid moves lower and that the downtrend will be gradual.
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