🧮IMM Positioning: JPY Extends Shorts, GBP Reduces Shorts For 3rd Consecutive Week

**As seen in IMM Positioning report 01/15/2022, subscribe at cablefxm.co.uk/reports

• This week, we saw the largest changes in percentage of open interest in JPY, GBP, and CHF. The yen saw an increase in bearish bets as % of OI dipped to -37% from 27%, this is the lowest it has been since October, and it close to the one-standard deviation band

• GBP positioning has been less volatile since December, when futures positioning extended shorts in the pound. This week, the GBP marked a third consecutive week of reduction in bearish bets, with % of OI rising to -15% from -20%. The Swiss franc paired shorts and sent % of OI to -18% from -23%, net positioning moves away from the lows seen in early November where % of OI recorded at -40%, below its one-standard deviation band

• Positioning in the dollar (via DXY) did not report any major changes but a slight reduction in % of OI to 66% from 67%, however, this is still above the one-standard deviation band in a five-year history