IMM positioning

Aggregate long USD position decreased again this week by a further $8bln - again mainly due to decrease in EUR and JPY net shorts but also there was a build of EUR longs which is probably due to a <40% chance of a Sept rate hike which as i noted last time may be pushed further out to end of year. With equity markets still showing signs of volatility this has also aided the smaller USD position. With Oil recovering slightly this has also seen a decrease in the net short CAD - with Saudi now looking like they may talk about pricing which they have been reluctant to do this is a positive for that market. I think when Oil and Cad break that will be a great one to ride. Lastly Sterling was shown to have a net long position but lets see how that one held up with spot taking a beating last week.

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