David Wagner, Research Analyst at Nomura, notes that according to the IMM data for the week ended March 22, non-commercial accounts sold USD to the tune of -$0.6bn, bringing positioning in USD to $8.9bn. Key Quotes “However, our real-time estimate suggests that net longs increased significantly since then by $2.7bn, bringing net longs back to around $11.6bn. • GBP net shorts grew by -$2.1bn on the week, with net shorts at -$3.4bn as of Tuesday. • JPY net long positions grew again ($0.9bn), bringing net longs back to $5.9bn, which is 83% of the maximum in the last year. • EUR net shorts were cut by $1.5bn on the week, with net shorts now at -$9.3bn as of Tuesday; however, our real-time estimator suggests that shorts increased since then by -$1.3bn since then, which would bring the total net short position to -$10.6bn. • Non-commercial accounts added to AUD longs to the tune of $0.4bn, bringing net longs back to $1.4bn, which is 63% of the maximum net long position in the last year.” For more information, read our latest forex news.