IMM Positioning

Speculative positions close to unchanged

• Overall speculative positions were little changed in the week from 26 August to 2 September.
• Net long USD positions were sustained at levels seen in the week prior - a multi-year high - and speculative investors remain net long USD against all the G10 currencies, except the AUD.
• Net short JPY positions saw the biggest change during the week, as they were reduced by USD 1.7bn to USD 0.6bn.
• The largest net short positions remain in EUR and GBP, both of which were extended slightly in the week. Meanwhile, net positions in both AUD and NZD remain broadly neutral, despite the recent large sell-off in both currencies.
• On the commodity market net long oil positions were reduced slightly and remain at a low level.
• On the bond market, speculative investors turned net long in both 2-year and 10-year notes.

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