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USD longs cut again, CAD shorts fall – Nomura

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    David Wagner, Research Analyst at Nomura, suggests that according to the IMM data for the week ended March 29, non-commercial accounts continued to sell USD to the tune of -$1.5bn, bringing positioning in USD to $7.4bn.

    Key Quotes

    “This is the lowest net long reading since July 2014. Our real-time estimate suggests that net longs were cut significantly since then by -$4.6bn, suggesting net longs fell to $2.8bn.

    • JPY buying was flat on the week ($0.1bn), bringing net longs stable at $6.0bn, which is 84% of the maximum in the last year.

    • EUR net shorts were cut again by $0.3bn on the week, with net shorts at -$9.0bn as of Tuesday, a level not seen since June 2014; our real-time estimator suggests that shorts were cut significantly since then by $2.8bn, which would bring the total net short position to -$6.3bn.

    • Non-commercial accounts cut CAD shorts to the tune of $0.7bn, bringing shorts to -$0.5bn. The last time CAD shorts were this low was back in June 2015.”
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