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Flash: Continued selling of most currencies vs. USD - Nomura

FXstreet.com (Barcelona) - Nomura strategists note that the continued theme for this week was selling of most currencies vs. the USD (except CAD), with the largest selling coming in EUR and AUD yet again.

They see that overall the USD positioning is now at $37.85bn long, up $10.3bn and their real time indicator shows that since Tuesday this momentum is slowing down compared to previous week as USD ended up weaker against much of G10. EUR position remains net short (-81k contracts or -$13.06bn) as the non-commercials added -$5.5bn in short positions over the week.

They add that CAD was the only other currency that was bought (+$1.1bn), but net positions still remain somewhat short (-34k contracts) and their real time indicator shows some selling by non-commercial. Further, JPY positioning remains net short (-95k contracts), but their real time data indicates that since Tuesday some noncommercial investors were stopped out of their short position as JPY rallied by more than 2% in the later part of the week after Nikkei lost nearly 7% on Thursday.

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