• USD net spec G10 long pared by $7.93bn in Aug 18-25 IMM period; $IDX -0.74% in period

• Today's post-Warsh USD rise likely moots data as Fed narrative flips to less-dovish

• EUR$ +0.86% in period; specs +22.7k contracts now -36.4k; ECB hawkish, Fed dovish in period

• $JPY -0.24%; specs -10.4k contracts now -63.3k; questions around BoJ policy USD supportive

• GBP$ +0.89%; specs +10k contracts now -44.5k; again dovish Fed view weighed on USD

• $CAD -0.36%; specs +36.6k contracts now -122k; rate convergence early in period lifted CAD

• CAD short still significant, likely added to after hawkish Warsh; keep focused on glbl inflation

• AUD$ +1.13%; specs -296 contracts now -44.5k; higher terminal RBA policy tack supports AUD

IMM Position Table as of Aug 25:


Majors w/IMM Performance Chart:


(Paul.Spirgel is a Reuters market analyst. The views expressed are his own)