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29 Jun 2015
Kiwi shorts have quietly built up - Nomura
FXStreet (Bali) - NZD shorts have been quietly building in the past couple months, notes the Global FX Strategy at Nomura.
Key Quotes
"According to the IMM data for the week ended June 23, non-commercial accounts added to their EUR short positions, bringing net positioning to -$13.9bn. This suggests that specs entered into more EURUSD short positions, likely near June 23 based on Greek news, than long EURUSD positions, which likely were added immediately after the more dovish-than-expected Fed last Wednesday. Since Tuesday, we estimate specs have added another $0.3bn in EUR shorts, although positioning remains less net short than much of the past year at -$14.2."
"USD longs were added through $1.7bn of buying into Tuesday and another $1.7bn since. USD positioning is estimated to be $34.6bn currently, which is on the lower end of the past three quarters."
"NZD shorts have been quietly building in the past couple months. Positioning in NZD was -$0.9bn as of Tuesday and is estimated at -$1.0bn currently. This is the most net short NZD has been."
Key Quotes
"According to the IMM data for the week ended June 23, non-commercial accounts added to their EUR short positions, bringing net positioning to -$13.9bn. This suggests that specs entered into more EURUSD short positions, likely near June 23 based on Greek news, than long EURUSD positions, which likely were added immediately after the more dovish-than-expected Fed last Wednesday. Since Tuesday, we estimate specs have added another $0.3bn in EUR shorts, although positioning remains less net short than much of the past year at -$14.2."
"USD longs were added through $1.7bn of buying into Tuesday and another $1.7bn since. USD positioning is estimated to be $34.6bn currently, which is on the lower end of the past three quarters."
"NZD shorts have been quietly building in the past couple months. Positioning in NZD was -$0.9bn as of Tuesday and is estimated at -$1.0bn currently. This is the most net short NZD has been."