9 Jul 2014
AUD and NZD client flow trends - Westpac
FXStreet (Bali) - According to Westpac client flows, the rolling 20 day sum of active client flows in AUD and NZD has eased back to neutral.
Key Quotes
Real Money demand for AUD has broadly tracked sideways in the last three months after steadily improving in the first few months of the year, closely matching the price action in the exchange rate.
The Hedge Fund/CTA community has been a "gentle" net seller of AUD in the last three months, though appetite to sell AUD appears to have faded in the last several weeks.
Real money demand for NZD has been trending higher in the last three months, though it has tailed off recent sessions.
Hedge Fund/CTA flow in NZD has been consistently skewed toward net buying in the last several months, though appetite also fell amongst this group as NZD tested multi year highs in recent sessions.
The longer term Real Money community appears to be neutral on the AUD/NZD cross. As the slides show it is hard to detect a clear bias within the Real Money segment in favour of AUD or NZD. Our Hedge Fund/CTA flows on the otherhand point to consistently better speculative appetite for NZD vs AUD in recent months.
The rolling 20 day sum of active client flows in AUD is neutral at the moment. The rolling 20 day sum of active client flows in NZD has also eased back to neutral, after hitting a record high for the nine year history of our database recently.
Key Quotes
Real Money demand for AUD has broadly tracked sideways in the last three months after steadily improving in the first few months of the year, closely matching the price action in the exchange rate.
The Hedge Fund/CTA community has been a "gentle" net seller of AUD in the last three months, though appetite to sell AUD appears to have faded in the last several weeks.
Real money demand for NZD has been trending higher in the last three months, though it has tailed off recent sessions.
Hedge Fund/CTA flow in NZD has been consistently skewed toward net buying in the last several months, though appetite also fell amongst this group as NZD tested multi year highs in recent sessions.
The longer term Real Money community appears to be neutral on the AUD/NZD cross. As the slides show it is hard to detect a clear bias within the Real Money segment in favour of AUD or NZD. Our Hedge Fund/CTA flows on the otherhand point to consistently better speculative appetite for NZD vs AUD in recent months.
The rolling 20 day sum of active client flows in AUD is neutral at the moment. The rolling 20 day sum of active client flows in NZD has also eased back to neutral, after hitting a record high for the nine year history of our database recently.