Flash: AUD specs still looking heavily net short - NAB

FXstreet.com (Barcelona) - Friday’s IMM data, for the week through last Tuesday, as noted by NAB Strategists, "shows a slight paring of the prior week’s record AUD/USD shorts, while in contrast, the overall USD long extended, now back close to recent highs, mostly via additions to short JPY, EUR and GBP positions."

According to NAB, "This may help explain the better mid-week AUD price action assuming the paring of AUD shorts continued beyond Tuesday, presumably in the cash market as well as futures." The Bank continues by saying that the speculative market nevertheless, "still looks to have still been running heavily net short into Friday’s session, given that the sharp run-up on Friday was a low-volume/liquidity starved affair, making the sharp sell-off all the more concerning for those looking for better levels to sell."