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Forex Flash: Exiting USD/TWD short - Westpac

Westpac has exited a short USD/TWD position with the reasoning that "the atmospherics around Asian currencies is at risk of turning more bearish in the near term."

According to Westpac FX strategist Jonathan Cavenag, "sentiment in equity and commodity markets is pushing down our ADXY sentiment gauge, while other 'risk' currencies such as AUD and NZD are breaking down through key support levels."

"We do not expect USD/TWD to push dramatically higher but at the same time the catalysts for a break to the downside in this pair do not seem there, particularly given the risks of a broader risk off move in markets" he adds.

Forex Flash: Short JPY holdings will not be easily washed out – RBS

As FX Trading Strategist at RBS Greg Gibbs notes: “Short JPY positions remain one of the most held FX position in the market,” he says, while USD/JPY trades last at 93.37, off fresh session and 4-day highs at 93.70, adding: “But the peak short position reported on the IMM was at end December."
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Forex: Kiwi prints fresh 2013 lows

NZD/USD is last at 0.8213, off fresh 2013 lows at 0.8206, printed on the back of heavy selling in China's Shanghai Composite index, losing more than -2.5% for the day. Weak China non-manufacturing PMI data over the weekend, showing worst figure in 5 months, coupled with global equity markets in the red, have pushed Kiwi and Aussie to the downside, now NZD/USD -0.4% underwater for the session.
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