EUR/USD began 2015 with a storm and already reached the lowest levels since 2010. Comments by Draghi are one reason, but not the only one. The tam at Nomura provides a much bigger issue for the single currency: Here is their view, courtesy of eFXnews: Every quarter the IMF puts out a snapshot of global central bank reserve composition (with a quarter lag), and this week we got the Q3 numbers which seem to signal a shift in central bank behavior, notes Nomura. “Normally, central banks operate with fairly fixed currency allocation targets, and when a currency goes down in value, they accumulate, to stabilize its share. In Q3, the Euro dropped sharply vs the dollar, but both G10 and EM central banks were on the margin active sellers of Euro’s,” Nomura explains. “According to IMF COFER data published today, the Euro share of global reserves dropped 1.5 percentage points to 22.6%. This is one of the largest quarterly declines in the share ever,” Nomura clarifies. “This is a big deal, as it suggest ‘portfolio rebalancing’ has been put on hold. This means that stabilizing flows, which could have been in the region $100bn, are not materializing,” Nomura argues. “If this is indeed the new trend, there may be potential for a faster move lower in the Euro in early 2015, driven more purely by private sector flows,” Nomura projects. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next EUR/USD starts 2015 with the lowest since 2010 – 3 Yohay Elam 8 years EUR/USD began 2015 with a storm and already reached the lowest levels since 2010. Comments by Draghi are one reason, but not the only one. The tam at Nomura provides a much bigger issue for the single currency: Here is their view, courtesy of eFXnews: Every quarter the IMF puts out a snapshot of global central bank reserve composition (with a quarter lag), and this week we got the Q3 numbers which seem to signal a shift in central bank behavior, notes Nomura. "Normally, central banks operate with fairly fixed currency allocation targets, and when a currency goes down in… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.