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JPY longs keep increasing, EUR shorts cut - Nomura

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - As Nomura notes, according to the IMM data for the week ended January 19, non-commercial accounts bought JPY to the tune of $1.3bn, bringing positioning in JPY to $4.0bn.

    Key Quotes

    "According to the IMM data for the week ended January 19, non-commercial accounts bought JPY to the tune of $1.3bn, bringing positioning in JPY to $4.0bn, which is 40% of the maximum long position since 2007, which was in January 2012."

    "Our real-time estimator suggests that around -$0.3bn of longs were cut since Tuesday, bringing estimated net longs to $3.7bn. We see a BOJ easing decision as potentially effective as an initial reaction, as these longs will be forced to be unwound."

    "USD longs increased marginally by $0.1bn on the week, with net longs at $31.5bn as of Tuesday, whereas our real-time estimator suggests that longs increased a further $0.9bn since Tuesday, bringing net longs to $32.4bn. As of Tuesday, this represents a cut of around 36% from the recent local peak of long positions in November 2015."

    "EUR short positions were cut by a further $1.2bn for the week ended January 19, bringing net shorts to -$18.7bn. Our real-time estimate suggests that shorts increased by -$0.4bn since Tuesday, bringing net shorts back to -$19.1bn."
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