10 Mar 2015
Specs cut EUR short before ECB - Nomura
FXStreet (Bali) - According to the IMM data for the week ended February 24, non-commercial accounts reduced EUR shorts by $1.0bn, bringing positioning in EUR to -$24.1bn, notes the FX Strategy Team at Nomura.
Key Quotes
"According to the IMM data for the week ended February 24, non-commercial accounts reduced their EUR shorts by $1.0bn, bringing positioning in EUR to -$24.1bn. This was further reduced by Friday’s close to -$23.6bn on the back of $0.5bn of spec buying."
"JPY shorts increased for the first time since the week ended January 13. Noncommercial accounts sold $0.5bn JPY on the week, bringing JPY positioning to -$5.5bn. Our real-time estimator suggests the positioning in JPY is unchanged since Tuesday."
"GBP was initially sold to the tune of $0.5bn on the week, but $0.7bn of buying since Tuesday brought net positioning in GBP back to an estimated -$1.9bn."
"USD longs did not change much, with $0.2bn of selling on the week ended Tuesday, and $0.1bn of buying since. USD longs therefore are around $49.0bn, which is below the all-time high of $55.6bn set earlier in January."
"While AUD shorts were initially cut with $0.1bn of buying into Tuesday, since Tuesday specs added back their shorts with $0.1bn of selling. AUD positioning remains near the most net short it has been in the past year."
Key Quotes
"According to the IMM data for the week ended February 24, non-commercial accounts reduced their EUR shorts by $1.0bn, bringing positioning in EUR to -$24.1bn. This was further reduced by Friday’s close to -$23.6bn on the back of $0.5bn of spec buying."
"JPY shorts increased for the first time since the week ended January 13. Noncommercial accounts sold $0.5bn JPY on the week, bringing JPY positioning to -$5.5bn. Our real-time estimator suggests the positioning in JPY is unchanged since Tuesday."
"GBP was initially sold to the tune of $0.5bn on the week, but $0.7bn of buying since Tuesday brought net positioning in GBP back to an estimated -$1.9bn."
"USD longs did not change much, with $0.2bn of selling on the week ended Tuesday, and $0.1bn of buying since. USD longs therefore are around $49.0bn, which is below the all-time high of $55.6bn set earlier in January."
"While AUD shorts were initially cut with $0.1bn of buying into Tuesday, since Tuesday specs added back their shorts with $0.1bn of selling. AUD positioning remains near the most net short it has been in the past year."