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USD longs chopped again - Nomura

FXStreet (Bali) - According to the IMM data for the week ended October 20, non-commercial accounts sold $7.0bn of USD, bringing positioning to $15.8bn, notes the Global FX Strategy Team at Nomura.

Key Quotes

"This is the least net long USD has been since July 2014 and USD positioning is down 72% from the peak in January. While positioning increased again since Tuesday by $3.7bn, positioning still remains at the low end of the 15-month range."

"Specs bought $2.6bn EUR on the week ended Tuesday. This brought official positioning in EUR to -$8.9bn. Specs sold $1.3bn of EUR since Tuesday, which brought positioning back down to -$10.2bn, which is near the high end of the range since July 2014."

"JPY positioning very nearly turned positive for the first time in years, as noncommercial accounts bought $1.1bn of JPY on the week, bringing positioning to $0.4bn. Since then however, we estimate $1.9bn of selling, bringing positioning back down to -$2.3bn."

"GBP positioning flipped to $0.7bn from -$0.7bn on $1.4bn of buying on the week ended Tuesday. GBP positioning had seldom been positive since August 201."

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