USD Longs Cut Again, CAD Shorts Fall – Nomura
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.”
(Market News Provided by FXstreet)
