IMM positioning: Speculators massively long MXN

 The latest IMM data covers the week from 9 to 16 March.

 Speculative investors have increased bets that USD/MXN will dip lower, despite thealready low level. In the past week speculators added almost 10K contracts to their shortUSD/MXN position that now amounts to 81% of open interest.

 Short EUR contracts were reduced but speculators are still net short EUR against USD.

 The negative stance towards GBP was built marginally and amounts to 42% of openinterest.

 We note that speculators still favour shortening the S&P500 index while being long oil andgold. A curve flattener is still the preferred position of speculative investors although to aslightly lesser extent than last week.