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Forex Flash: Likely see further erosion of long AUD in next week’s CoT report - TDS

FXstreet.com (Barcelona) - Positioning by IMM speculative accounts was stable for most currencies in the week through Tuesday, May 7th, reports TD Securities team, "with the clear exceptions being the AUD and the CAD" they note.

TDS notes: "The surprise rate cut by the RBA saw AUD longs slashed. In aggregate, there was a moderate shift in favour of the USD, with implied USD long position increasing to USD18.7bn from USD16.3bn in the week prior."

"Reduction of AUD long exposure was the largest contribution to that change. The net long AUD position was cut to just 6.6k contracts, from 30.2k last week (and as much as 85.5k in late March). Moreover, the AUD’s continued depreciation since Tuesday suggests we will likely see a further erosion of long positions in next week’s data" TDS added.

Forex Flash: Markets to focus on America's improving labour data - UBS

“For now,” says Mansoor Mohi-uddin, Managing Director Head of Foreign Exchange Strategy at UBS Macro Research, “the currency markets will continue to focus on America's improving labour market data.”
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Forex: NZD/USD breaks below 0.8300

The NZD/USD is last at 0.8277, off session lows at 0.8262, slightly above Friday's fresh 7-week lows at 0.8258, near the ascending trend line support from July last year at around 0.8250 now, as CTA Jonathan Eliasof at Pattern Traders Ltd. mentioned in his Twitter account. Data from residential house price index in NZ showed a monthly increase of +0.8% for the month of April, lowest in last 3 months, coming from previous of +2.4%.
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