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4 Aug 2014
USD longs added, mainly against EUR - Nomura
FXStreet (Bali) - For the week ended July 29, specs added $6.3bn to USD net longs, notes Nomura, estimating they added another $4.8bn since.
Key Quotes
"Speculative accounts bought $6.3bn of USD by Tuesday and another $4.8bn by Friday‟s close. The buying between Tuesdays was one of the largest in the past year. The buying also pushed USD positioning to the highest levels since February. Our real time estimate of USD positioning is $22.4bn, which is near the peaks of the past year ($25.7bn in January and $23.5bn in September of last year). It was a very US data centric week, but most of the data came after Tuesday. This suggests that speculators got long USD in anticipation of the data in large part, as well as in reaction to the data."
"EUR was sold to the tune of $3.2bn by Tuesday and we estimate an additional $1.0bn since. Positioning by Tuesday was -$18.1bn (est. -$19.1bn by Friday) which is the lowest since August 2012."
"JPY shorts were added to by $2.3bn through Tuesday (and an estimated additional $1.7bn since). This brought positioning down to -$8.9bn by Tuesday and -$10.6bn by Friday. This is a significant reversal, and brought positioning down to the most net short level since April."
Key Quotes
"Speculative accounts bought $6.3bn of USD by Tuesday and another $4.8bn by Friday‟s close. The buying between Tuesdays was one of the largest in the past year. The buying also pushed USD positioning to the highest levels since February. Our real time estimate of USD positioning is $22.4bn, which is near the peaks of the past year ($25.7bn in January and $23.5bn in September of last year). It was a very US data centric week, but most of the data came after Tuesday. This suggests that speculators got long USD in anticipation of the data in large part, as well as in reaction to the data."
"EUR was sold to the tune of $3.2bn by Tuesday and we estimate an additional $1.0bn since. Positioning by Tuesday was -$18.1bn (est. -$19.1bn by Friday) which is the lowest since August 2012."
"JPY shorts were added to by $2.3bn through Tuesday (and an estimated additional $1.7bn since). This brought positioning down to -$8.9bn by Tuesday and -$10.6bn by Friday. This is a significant reversal, and brought positioning down to the most net short level since April."