FXstreet.com (Córdoba) - The latest data of non-commercial speculative account positions (IMM data) show that investors are cutting down their strong USD long positions, given the uncertainty about a possible QE3, comments the UBS team.

"However, as we expected investors don't seem to turn back to the EUR, but to almost every other currency, with AUD, CAD, GBP and JPY long positions increasing", they say. "We continue to recommend diversifying out of both, EUR and USD into our favourite 'second-tier' currencies".