IMM positioning

Net shorts continue to increase in all currencies except the cable and swissy. The NFP number of 223k last Friday missed expectations and when one considers this with some mixed results of late including home sales a September rate hike is more like 50:50. Lets wait to see what the CPI numbers to be released in the upcoming weeks show. With Euro and Jpy shorts at extreme I suggest that perhaps we wont see a major move just yet.

Kiwi shorts just continue to grow. With CB rhetoric very dovish there is only one way this bird is walking.

Posted in IMM Weekly Squawk.

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