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Yen buying brought USD longs off high - Nomura

FXStreet (Bali) - For the week ended October 21, non-commercial accounts bought $3.4bn of JPY, cutting JPY positioning to the least short it has been since July.

Key Quotes

"For the week ended October 21, non-commercial accounts bought $3.4bn of JPY, cutting JPY positioning to the least short it has been since July."

"While other currencies were sold on the week, the large scale JPY buying meant that USD longs were reduced, bringing USD longs off of their highs as of Tuesday‟s official data point

"Non-commercial accounts bought $3.4bn JPY on the week ended October 21. Through Friday‟s close, however, specs sold $1.9bn worth of JPY. Although net shorts in JPY were cut to -$8.4bn by Tuesday, they grew to -$10.3bn again by Friday‟s close."

"USD longs were cut from their record high last week, falling $1.1bn on non-commercial selling. However, we estimate that they added $2.6bn of longs between Tuesday and Friday, which would bring total net longs to $49.1bn, which would be a new record."

"Specs sold $0.8bn EUR on the week ended Tuesday, and a further $0.5bn through Friday. The initial selling through Tuesday brought shorts to -$25.4bn, and we estimate net shorts now stand at -$25.9bn. This is just shy of the local low positioning of -$26.5bn from early September."

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