IMM Positioning

Whats happening this week. USD net longs sees more reduction. JPY given risk aversion status saw net shorts reduced. A couple of banks have been talking up a AUS + NZD Vs CAD basket as a China relative play. That is AUD and Kiwi subjected more to China shocks then the CAD which is more oil based. EUR reduced net shorts as well - I guess a bit of a shke out after the fomc move to 1.15

Good GDP print last week and a suggestion of a hawkish hold from Yellens speach suggest we might see an increase in net USD longs this week. Also look ut for NFP out later in the week and some China data.

Posted in IMM Weekly Squawk.

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