16 Jun 2014
EUR positioning significantly lower - Nomura
FXStreet (Bali) - For the week ended June 10, the EUR was sold significantly against the USD by spec accounts, notes the FX Team at Nomura.
Key Quotes
"Specs sold $4.1bn of EUR from Tuesday of last week to Tuesday of this week. This would include the ECB rate cut, and as such it is no surprise to see such a shift in positioning. As of Tuesday, EUR positioning stood at -$9.7bn and we estimate that this had become even more negative by Friday, to -$11.5bn. This is the most net short EUR has been since May of last year."
"USD was bought, mainly against the EUR, to the tune of $4.4bn. As of Tuesday, USD positioning was $11.1bn and by Friday we estimate that this had increased to $11.6bn. This is roughly in line where USD was positioned in early March."
"Specs sold $1.0bn of JPY on the week, bringing positioning down to -$10.0bn. This is near the lowest JPY positioning has been for the past three months. Our real time indicator suggests that this increased slightly to -$9.5bn by Friday‟s close."
"AUD positioning increased by $0.7bn on the week to $2.65bn. By Friday it had increased further to $3.0bn. This is the most net long AUD has been since April of last year. Similarly MXN is the most net long it has been since May of last year, although the change in positioning was minor."
Key Quotes
"Specs sold $4.1bn of EUR from Tuesday of last week to Tuesday of this week. This would include the ECB rate cut, and as such it is no surprise to see such a shift in positioning. As of Tuesday, EUR positioning stood at -$9.7bn and we estimate that this had become even more negative by Friday, to -$11.5bn. This is the most net short EUR has been since May of last year."
"USD was bought, mainly against the EUR, to the tune of $4.4bn. As of Tuesday, USD positioning was $11.1bn and by Friday we estimate that this had increased to $11.6bn. This is roughly in line where USD was positioned in early March."
"Specs sold $1.0bn of JPY on the week, bringing positioning down to -$10.0bn. This is near the lowest JPY positioning has been for the past three months. Our real time indicator suggests that this increased slightly to -$9.5bn by Friday‟s close."
"AUD positioning increased by $0.7bn on the week to $2.65bn. By Friday it had increased further to $3.0bn. This is the most net long AUD has been since April of last year. Similarly MXN is the most net long it has been since May of last year, although the change in positioning was minor."