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In the week ending 15 May, leveraged fund positioning turned short EUR again after two weeks, notes the research team at Nomura.

Key Quotes

“The short position stood at 9%, low compared to the one-year high of 27% in mid-May 2017. Asset managers continued to position long EUR, now at 48% of outstanding contracts.”

JPY: Leveraged funds built up net longs to 10% (from 0% the previous week); the oneyear high is 30%, recorded in early April. Asset managers also remained net long at 28%.”

AUD & CAD: Leveraged fund AUD positioning was reduced to neutral from a long of 20% the previous week. CAD shorts were extended to 60% from 52% the prior week. The one-year high of CAD short positioning is 69%, recorded in late May 2017.”

USD: Leveraged funds turned long USD at 1% for the first time since early January, while the previous week saw USD shorts at 3%.”