Forex Flash: IMM positions, a move away from USDs overall - NAB

FXstreet.com (Barcelona) - IMM speculative positions data for the week ended Tuesday 14th showed a move away from USDs overall, report NAB research team on a asian market open note. "The moves captured the start of the rising bond yield environment, but currency moves lagged fixed income and are perhaps not fully represented in this data" the bank observes.

NAB adds: "The largest single currency move against the USD, was the rise in AUD long positions. A +13.8k rise in net longs, to +66.7k, has taken AUD market positioning to a high not seen since mid-March this year. These positions are also approaching local extremes. This fits with our theme that it may be difficult for the AUD to push higher in the near-term, despite the rising yield environment. And it remains the case that on any negative news, there is increased downside potential. The risk-on theme was also captured in the addition to long positions in CAD (+9.5k) and NZD (+0.7k). There is far greater scope for an addition to longs in CAD and NZD than in the AUD."