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2 Feb 2015
Market cuts JPY and CAD shorts - Nomura
FXStreet (Bali) - According to the IMM data for the week ended January 27, non-commercial accounts bought $0.5bn CAD and $1.3bn JPY, notes the Research Team at Nomura.
Key Quotes
According to the IMM data for the week ended January 27, non-commercial accounts bought $0.5bn CAD and $1.3bn JPY. This brought CAD positioning off of its recent lows to -$1.9bn. JPY positioning is near its highest level (least net short) since November 2012 at -$6.9bn. Our real time estimator of JPY positioning suggests it is now at -$6.3bn, which would be the least net short it has been since Nov 2012.
USD longs were cut by $2.1bn on the week ended Tuesday, bringing net longs to $52.7bn. However, by Friday’s close we estimate that specs had re-bought $1.9bn, bringing net longs back up to $54.6bn.
EUR shorts were relatively unchanged before Tuesday. Since then however, we estimate that shorts were added to with $1.6bn of selling, bringing estimated positioning to -$27.8bn, very near the local lows of -$28.1bn from November.
Specs continued to close CHF shorts. Positioning dropped to -$1.0bn by Tuesday from -$1.4bn the Tuesday prior.
AUD shorts were added to by $0.1bn on the week ended Tuesday, and an estimated further $0.5bn since then. This brought positioning to -$3.9bn by Tuesday and -$4.4bn by Friday’s close. This is the most net short AUD has been in about a year.
Key Quotes
According to the IMM data for the week ended January 27, non-commercial accounts bought $0.5bn CAD and $1.3bn JPY. This brought CAD positioning off of its recent lows to -$1.9bn. JPY positioning is near its highest level (least net short) since November 2012 at -$6.9bn. Our real time estimator of JPY positioning suggests it is now at -$6.3bn, which would be the least net short it has been since Nov 2012.
USD longs were cut by $2.1bn on the week ended Tuesday, bringing net longs to $52.7bn. However, by Friday’s close we estimate that specs had re-bought $1.9bn, bringing net longs back up to $54.6bn.
EUR shorts were relatively unchanged before Tuesday. Since then however, we estimate that shorts were added to with $1.6bn of selling, bringing estimated positioning to -$27.8bn, very near the local lows of -$28.1bn from November.
Specs continued to close CHF shorts. Positioning dropped to -$1.0bn by Tuesday from -$1.4bn the Tuesday prior.
AUD shorts were added to by $0.1bn on the week ended Tuesday, and an estimated further $0.5bn since then. This brought positioning to -$3.9bn by Tuesday and -$4.4bn by Friday’s close. This is the most net short AUD has been in about a year.