9 Jul 2013
Flash: Dramatic jump in overall long USD speculative positioning - NAB
FXstreet.com (Barcelona) - As NAB Strategists report, the latest data for speculative currency positions on the IMM cover the week ended Tuesday July 2 shows a quite dramatic jump in overall long USD speculative positioning.
NAB notes that "Against G10 currencies, the USD rose from a net long of 134.1k to 206.2k; this was ahead of last Friday’s US NFP report of course, and too the release of the leading indicators of the data (e.g. ADP) and which had hinted at good numbers."
The bank highlights the fact that "dollar longs were being rebuilt well ahead of the subsequent renewed sell-off in US Treasuries and related USD gains." This resbuild has resulted, as NAB observes, "in an overall net long speculative position well back from the highs seen in May and which peaked at +349.6k in the week ended May 28th."
NAB notes that "Against G10 currencies, the USD rose from a net long of 134.1k to 206.2k; this was ahead of last Friday’s US NFP report of course, and too the release of the leading indicators of the data (e.g. ADP) and which had hinted at good numbers."
The bank highlights the fact that "dollar longs were being rebuilt well ahead of the subsequent renewed sell-off in US Treasuries and related USD gains." This resbuild has resulted, as NAB observes, "in an overall net long speculative position well back from the highs seen in May and which peaked at +349.6k in the week ended May 28th."