Rabobank - "IMM Net Positioning as at 18 September 2012:
1. EUR shorts dived last week back to levels last seen in Nov. This reflects a more confident outlook with respect to the integrity of EMU. That said, during the course of last week recent market optimism started to slip suggesting another sharp drop in EUR shorts is less likely this week.
2. In line with the sharp move in EUR positions USD longs plummeted. Even though there will be bouts of safe haven demand, the Fed’s very accommodative policy position should continue to undermine the USD going forward.
3. Swiss shorts dropped to their lowest levels since last December. This reflects reduced demand for safe haven assets. That said talk that the SNB may increase its EUR/CHF floor suggests that speculators are likely to stay short.
4. Yen longs jumped halved. Reduced demand for safe haven assets likely played a part in this. Speculation of MOF intervention to weaken the yen should keep speculators on their toes.
5. GBP longs bounced back sharply to their best position since May.
6. AUD net longs edged higher on strong levels of risk appetite but CAD longs again performed more strongly on the back of Fed easing. Weaker oil prices should counter further strength."