0931 GMT [Dow Jones] ABN-AMRO says latest IMM spec positioning data (released before Fri's close) up to and including Tue Mar 22 shows USD short positions were cut to $11.9B from $15.3B in the prior week. A reduction in CHF, JPY and GBP longs made up most of the shift, although AUD longs continue to defy gravity, remaining close to recent record longs.

Might have been a bit of long liquidation over the Easter period, but oh dear, this could get nasty.

Caveat Emptor, as they say

Xerof

PS This fact (no major liquidation) may explain why its been quite an orderly decline so far...