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USD longs cut, EUR shorts reduced - Nomura

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    David Wagner, Research Analyst at Nomura, notes that according to the IMM data for the week ended February 02, non-commercial accounts sold USD to the tune of -$5.3bn, bringing positioning in USD down to $25.3bn.

    Key Quotes

    “Our real time estimator suggests a further -$5.5bn of longs were cut since then, bringing estimated net longs to a low of $19.8bn, which would be the lowest level since the low in October 2015.

    EUR shorts were cut by $5.4bn on the week, with net shorts at -$11.9bn as of Tuesday; our real-time estimator suggests that shorts were reduced by a further $2.4bn since then, bringing net shorts to -$9.5bn. As of Tuesday, this is the lowest level of shorts since October 2015, when net shorts posted its last low.

    JPY longs were cut by -$1.4bn for the week ended February 02, bringing net longs down to $3.9bn, which is 70% of the maximum net long position (which was realized last week). However, our real-time estimator suggests that since then, non-commercial accounts bought JPY to the tune of $2.5bn, bringing net longs above last week’s high to $6.4bn.”
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