11 Nov 2013
Flash: Specs piling on USD longs - Nomura
FXstreet.com (Barcelona) - For the week ending Nov 5, a total of $10.7bn USD were bought, bringing positioning to $6.6bn of net longs from -$4.1bn of net shorts, with -$6.6bn of EUR selling, reducing net longs from $12.1bn to $5.6bn, notes Nomura.
Key Quotes
"Specs bought $10.7bn of USD, bringing spec positioning to $6.6bn of net longs from -$4.1bn of net shorts. In the past year, USD positioning has increased by more than $10bn only twice before ($10.3bn for the week ending 5/21 and $14.7bn for the week ending 2/26). Our real time estimates suggest that net longs have further increased to $10.8bn by Friday.
"There was -$6.6bn of EUR selling, reducing net longs from a near multiyear high of $12.1bn ($12.5bn was the high since 5/3/2011 reached the week before) to $5.6bn. The last time the EUR had such selling was from the week of 5/3/2011 (when net long reached a high of $18.5bn) to the week of 5/10/2011 ($11.0bn). Real time estimates suggest that specs continued selling EUR, and that longs have fallen to $2.1bn by Friday."
"Specs sold -$1.4bn of JPY on the week, bringing shorts to -$9.4bn. JPY positioning has oscillated back and forth by similar degrees the past few weeks, but has not established any trend. Specs also sold GBP on the week to the tune of -$1.3bn. This brought overall GBP positions to -$0.2bn, the first net short since mid September."
Key Quotes
"Specs bought $10.7bn of USD, bringing spec positioning to $6.6bn of net longs from -$4.1bn of net shorts. In the past year, USD positioning has increased by more than $10bn only twice before ($10.3bn for the week ending 5/21 and $14.7bn for the week ending 2/26). Our real time estimates suggest that net longs have further increased to $10.8bn by Friday.
"There was -$6.6bn of EUR selling, reducing net longs from a near multiyear high of $12.1bn ($12.5bn was the high since 5/3/2011 reached the week before) to $5.6bn. The last time the EUR had such selling was from the week of 5/3/2011 (when net long reached a high of $18.5bn) to the week of 5/10/2011 ($11.0bn). Real time estimates suggest that specs continued selling EUR, and that longs have fallen to $2.1bn by Friday."
"Specs sold -$1.4bn of JPY on the week, bringing shorts to -$9.4bn. JPY positioning has oscillated back and forth by similar degrees the past few weeks, but has not established any trend. Specs also sold GBP on the week to the tune of -$1.3bn. This brought overall GBP positions to -$0.2bn, the first net short since mid September."