26 Oct 2015
USD longs chopped again - Nomura
FXStreet (Bali) - According to the IMM data for the week ended October 20, non-commercial accounts sold $7.0bn of USD, bringing positioning to $15.8bn, notes the Global FX Strategy Team at Nomura.
Key Quotes
"This is the least net long USD has been since July 2014 and USD positioning is down 72% from the peak in January. While positioning increased again since Tuesday by $3.7bn, positioning still remains at the low end of the 15-month range."
"Specs bought $2.6bn EUR on the week ended Tuesday. This brought official positioning in EUR to -$8.9bn. Specs sold $1.3bn of EUR since Tuesday, which brought positioning back down to -$10.2bn, which is near the high end of the range since July 2014."
"JPY positioning very nearly turned positive for the first time in years, as noncommercial accounts bought $1.1bn of JPY on the week, bringing positioning to $0.4bn. Since then however, we estimate $1.9bn of selling, bringing positioning back down to -$2.3bn."
"GBP positioning flipped to $0.7bn from -$0.7bn on $1.4bn of buying on the week ended Tuesday. GBP positioning had seldom been positive since August 201."
Key Quotes
"This is the least net long USD has been since July 2014 and USD positioning is down 72% from the peak in January. While positioning increased again since Tuesday by $3.7bn, positioning still remains at the low end of the 15-month range."
"Specs bought $2.6bn EUR on the week ended Tuesday. This brought official positioning in EUR to -$8.9bn. Specs sold $1.3bn of EUR since Tuesday, which brought positioning back down to -$10.2bn, which is near the high end of the range since July 2014."
"JPY positioning very nearly turned positive for the first time in years, as noncommercial accounts bought $1.1bn of JPY on the week, bringing positioning to $0.4bn. Since then however, we estimate $1.9bn of selling, bringing positioning back down to -$2.3bn."
"GBP positioning flipped to $0.7bn from -$0.7bn on $1.4bn of buying on the week ended Tuesday. GBP positioning had seldom been positive since August 201."