Leveraged funds’ EUR longs fall further – Nomura

In the week ended 20 February, leveraged funds’ net long positions in EUR fell from 30% to 25%, notes the research team at Nomura.

Key Quotes

“The one-year high is 41%, recorded in late January. Asset managers remained long EUR, with the current level (38%) broadly in line with the sixmonth average. Leveraged funds decreased their GBP net longs from 56% to 51%. Asset managers’ net short position in GBP increased slightly from 40% to 41%.”

“JPY: Leveraged funds’ net short JPY positioning fell from 33% to 26%. The one-year high is 64%, recorded in July 2017. In contrast, asset managers increased long JPY positions from 42% to 45%. The one-year high is 52%, recorded two weeks ago.”

“AUD & NZD: Leveraged funds’ long positioning in AUD rose from 41% to 47%; the lastyear high was 76% in mid-October 2017. Leveraged funds have maintained a net NZD short position (-8%) since mid-October 2017.”

“USD: Our BIS volume-weighted proxy shows that leveraged funds have maintained a net short USD position (-17%) for seven weeks.”