The latest Nomura Individual Investor Survey released on 21 June showed that the popularity of USD has recovered from the March survey, notes the research team at Nomura.
Key Quotes
“40.6% of individual investors judged that USD was the most attractive of the major currencies, while only 8.8% stated USD was the least attractive. The difference (D.I.) has recovered to 31.8, the highest since May 2017. The USD D.I. is also the highest among major currencies. JPY remains the second most popular currency, and AUD the third.”
“Japanese retail investors tend to focus on nominal yields of major currencies, and USD yields are now the highest among G10 currencies.”
“The survey shows the majority of retail investors (55.5%) expect USD/JPY to depreciate over the next three months (from the reference level of 109.71), but higher yields may still attract retail investor demand.”
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