As Nomura notes, according to the IMM data for the week ended March 15, non-commercial accounts sold USD to the tune of -$1.7bn, bringing positioning in USD to $9.5bn. Key Quotes Our real-time estimate suggests that net longs decreased further after the FOMC meeting by -$3.9bn, bringing net longs back to around $5.60bn. USD net longs have not been this low since July 2014, which corresponds with the local low in DXY during the same time. JPY net long positions were cut significantly (-$2.1bn), bringing net longs back to $5.0bn, which is 70% of the maximum in the last year. EUR net shorts grew by -$0.9bn on the week, with net shorts at -$10.8bn as of Tuesday; however, our real-time estimator suggests that shorts were cut by $2.4bn since then, bringing net shorts to -$8.4bn. GBP net shorts were cut by -$3.1bn on the week, with net shorts at -$1.2bn as of Tuesday. Non-commercial accounts cut AUD longs to the tune of -$1.2bn, bringing net longs back to $1.0bn For more information, read our latest forex news.