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GBP positioning hit YTD lows ahead of Scottish vote - Nomura

FXStreet (Bali) - As Nomura reports, for the week ended September 17, non-commercial accounts sold $3.4bn worth of GBP, hitting YTD lows.

Key Quotes

"Non-commercial accounts sold $3.4bn of GBP as of Tuesday. This brought positioning to -$0.7bn, down from $2.7bn the prior week. This was the first time GBP positioning had been negative since November 2013. As of Friday‟s close, after the Referendum, we estimate that the market had returned to being long with positioning at $0.4bn, which is still lower than any other point this year."

"Specs bought $3.2bn of EUR during the week ended Tuesday, bringing net shorts down to -$22.2bn from -$25.4bn. We estimate that this buying turned since, with $2.7bn of selling, bringing estimated positioning to -$24.9bn."

"JPY was bought to the tune of $2.1bn during the week, although we estimate that specs sold -$1.3bn since Tuesday. This initially brought net shorts to -$9.7bn, although positioning has since returned to -$11.1bn."

"Non-commercial accounts bought $2.9bn of USD during the week ended Tuesday, bringing net longs to $35.0bn. Since then we estimate that speculative accounts added $2.4bn of net longs, bringing positioning to $37.4bn, which would be the most net long USD has been since June 2013."

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