9 Jun 2015
Specs bearish on Antipodeans as China slowdown concerns – RBS
FXStreet (Barcelona) - Brian Mangwiro, Markets Strategist at RBS, shares the speculative positioning data for AUD and NZD and further sees the economic slowdown in China as a major reason for the jump in net shorts.
Key Quotes
“AUD: Specs’ swung from a net long of +6.4k to a net short of -13.3k. This is in line with the weak price action on AUD/USD; the pair has fallen 3% over the past fortnight. Again, Levered players ramped up their short; up 11k to -20.3k. Asset Managers’ short position also increased by 9k to -30.2k.“
“The spec short on NZD is also quite sizeable at -10.5k, and is in line with RBNZ rate cut expectations. Almost 50bp of cuts is now priced into Dec’14.“
“Overall, markets remain very bearish Antipodeans, mostly targeted on the slowdown in China and general weakness in commodity prices.”
Key Quotes
“AUD: Specs’ swung from a net long of +6.4k to a net short of -13.3k. This is in line with the weak price action on AUD/USD; the pair has fallen 3% over the past fortnight. Again, Levered players ramped up their short; up 11k to -20.3k. Asset Managers’ short position also increased by 9k to -30.2k.“
“The spec short on NZD is also quite sizeable at -10.5k, and is in line with RBNZ rate cut expectations. Almost 50bp of cuts is now priced into Dec’14.“
“Overall, markets remain very bearish Antipodeans, mostly targeted on the slowdown in China and general weakness in commodity prices.”