Confidence in Yen Longs Regained and Sterling Shorts Added – Deutsche Bank
Nicholas Weng, Strategist at Deutsche Bank, suggests that as per CORAX
Positioning Data from 05-Apr-2016, investors have regained confidence in
yen longs and added to sterling shorts.
“The overall positioning changes this week reflect a classic risk-off pattern. JPY and CHF were aggressively bought while GBP, USD and the dollar-bloc were net sold.
Funds have been cautious in extending yen longs as USD/JPY neared 110, by contrast longs were aggressively extended this week as spot approached this level suggesting receding fears of effective BoJ intervention. Elsewhere investors continued to trim EUR shorts and USD longs, but extended GBP shorts.”
(Market News Provided by FXstreet)