2014.12.2209:39:00UTC+00Fx Market Positioning - Cftc Commitment of Traders Report

IMM Net Speculators' Positioning as at 16 December 2014, according to CFTC Commitment of Traders Report, reported by Rabobank Research:

• USD long slipped back to their lowest level since early September ahead of last week's FOMC meeting.
• Coincidentally, net EUR shorts dropped substantially back to their lowest levels since August. There is some speculation that full blown QE from the ECB could support the EUR through increased demand for peripheral bonds.
• Net JPY shorts continued their retreat. On the back of a bout of safe haven demand, net shorts returned to their lowest level for 5 weeks. The renewed upside climb in spot USD/JPY suggests this pullback in positions is temporary.
• For a second consecutive week GBP shorts loss ground aggressively. They have now returned to the lowest levels in 5 weeks.
• AUD net shorts dropped back to their lowest levels since late October. CAD short positions, however, lengthened a little. MXN net shorts were extended further.
• CHF net shorts dropped significantly in a week in which SNB announced negative rates.