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USD net longs reach all time high - Nomura

FXStreet (Bali) - As Nomura notes, for the week ended October 7, non-commercial accounts reached all time highs in their USD longs.

Key Quotes

"For the week ended October 7, non-commercial accounts continued their USD buying with $2.9bn worth of buying, bringing total net longs to $45.4bn. This exceeds the previous high of $44.9bn set in June 2012."

"Non-commercial accounts bought $2.9bn of USD on the week ended Tuesday, bringing total net longs to a new all time high. This was before the FOMC minutes on Wednesday, indicating that speculators were likely looking for hawkish language and explaining the dollar washout when the minutes were shown to be more neutral."

"Short positioning in EUR climbed on the week with $1.4bn of EUR selling into Tuesday, and an estimated further $1.5bn of selling since. This brought speculative positioning in EUR to -$24.7bn, close to the recent lows of -$26.5bn from early September."

"AUD was sold to the tune of $2.2bn on the week ended Tuesday, although we estimate specs bought back $0.8bn worth. This would bring positioning to -$1.7bn, still the lowest since March."

"Positioning in GBP returned to net short at -$0.1bn after $0.5bn of selling. Now positioning in every currency other than USD is negative."

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