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Biggest liquidation of sterling longs since 2007 - Deutsche Bank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - Nicholas Weng, Strategist at Deutsche Bank, notes that according to DB CORAX Spot Positioning (1D lag VS 3D lag IMM futures positioning), last week, market saw the biggest liquidation of sterling longs since their recording began in 2007.

    Key Quotes

    "An unexpectedly dovish BoE and impressive US payrolls translated to the biggest liquidation of sterling longs since our recording began in 2007."

    "Our proxy positioning indicators showed that up to half of the GBP longs have been liquidated, most of this versus the USD rather than the Euro."

    "While asset managers now appear to be flat, the leveraged community likely continues to hold structural longs, however."

    "EUR shorts have modestly extended over the week, but the leveraged community are still underweight compared to asset managers."

    "In the Antipodeans positioning has now turned, with the net buying in AUD/NZD seen on the platform. In NOK short-covering was the main theme as Norges Bank disappointed."

    "Overall, aggressive USD buying is occurring mostly against GBP, CHF and JPY, more modestly versus the EUR."
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