Back
19 May 2014
Specs turn net EUR sellers after dumping 6.0bn - Nomura
FXStreet (Bali) - For the week ended May 13, speculative accounts sold 6.0bn EUR, bringing EUR net non-commercial positioning negative for the first time in months, while USD was bought against the EUR, which led to a significant increase in positioning, notes Nomura.
Key Quotes
"Specs sold $6.0bn of EUR on the week, which brought EUR positioning to -$0.4bn, which is the first time EUR positioning has been negative since February 11th. Our real time estimate shows that a further $2.1bn of EUR was sold by Friday‟s close, pushing positioning even further negative to -$2.5bn."
"USD was bought, largely in counterpart to the EUR selling. Total non-commercial USD buying totaled $6.5bn, bringing USD positioning to $0.4bn. Our real time indicator suggests this increased further and stands at $1.4bn currently."
"MXN positioning increased by $0.8bn on the week ended Tuesday, bringing total positioning to $2.7bn. This is the most net long MXN positioning has been since June of last year. Our real time indicator suggests this increased further to $2.8bn."
"GBP positioning continued to retreat off of its highs reached in April. $1.0bn of selling through Tuesday brought positioning to $3.3bn, and a further $0.3bn of selling brought positioning to $3.0bn by Friday."
"AUD positioning increased by $0.8bn on the week, bringing net longs to $1.6bn, a new high since April 2013. We estimate this only increased further to $1.8bn. NZD positioning remains at its recent highs after only $0.1bn of selling on the week."
Key Quotes
"Specs sold $6.0bn of EUR on the week, which brought EUR positioning to -$0.4bn, which is the first time EUR positioning has been negative since February 11th. Our real time estimate shows that a further $2.1bn of EUR was sold by Friday‟s close, pushing positioning even further negative to -$2.5bn."
"USD was bought, largely in counterpart to the EUR selling. Total non-commercial USD buying totaled $6.5bn, bringing USD positioning to $0.4bn. Our real time indicator suggests this increased further and stands at $1.4bn currently."
"MXN positioning increased by $0.8bn on the week ended Tuesday, bringing total positioning to $2.7bn. This is the most net long MXN positioning has been since June of last year. Our real time indicator suggests this increased further to $2.8bn."
"GBP positioning continued to retreat off of its highs reached in April. $1.0bn of selling through Tuesday brought positioning to $3.3bn, and a further $0.3bn of selling brought positioning to $3.0bn by Friday."
"AUD positioning increased by $0.8bn on the week, bringing net longs to $1.6bn, a new high since April 2013. We estimate this only increased further to $1.8bn. NZD positioning remains at its recent highs after only $0.1bn of selling on the week."