Yen Longs Heavily Extended, AUD Longs Pared – Deutsche Bank
Nicholas Weng, Strategist at Deutsche Bank, lists down the CORAX Positioning Data from 03-May-2016.
Key Quotes
“Yen
longs heavily extended after BoJ inaction, AUD longs pared. Stubborn
yen bulls were rewarded after the BoJ held off additional easing
measures. Investors held on to longs ahead of the rate decision, and
increased their exposure rather than taking profit after the event. The
golden week holidays and the latest US Treasury report raising the bar
for currency intervention may have further emboldened yen bulls.
AUD
longs were heavily pared immediately after the inflation print, by
contrast there was little position change after the RBA cut last night.
USD longs and Euro shorts were modestly trimmed over the week while
positioning in Scandies remained unchanged. In GBP, investors seemed
content to follow the trend rather than sell rallies as seen in March.
NZD was net bought after RBNZ remained on hold amid speculation of
further easing.
ZAR and MXN shorts pared for another week. ZAR
and MXN shorts were pared for another week as investors continue to buy
into carry. In TRY, investors took partial profit from longs over the
week.”
