Position Squaring Evident In G10 FX; What's Next - Deutsche Bank

Our CORAX positioning report neatly summarized the lack of currency market conviction as position squaring was rampant into the Fed. 

However investors held onto yen longs after the BoJ meeting and sold NZD in size after the surprise RBNZ cut so markets are not completely dormant yet.

What next? Emerging trends in GBP (Brexit related) and CAD (oil rally) may save markets from a sleepy spring. 

But further action may be needed from the Fed, perhaps in reaction to better U.S. data, or out of China, before volatility is likely to pick up again.

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