Nomura - USD "Long" Increase but Remain Low


According to the IMM data for the week ended September 29, non-commercial accounts bought $2.6bn of USD, notes Nomura.

"According to the IMM data for the week ended September 29, non-commercial accounts bought $2.6bn of USD, bringing positioning to $27.6bn. This is still near the lows since last August, set last week at $25.0bn. Positioning was roughly unchanged through Friday’s close."

"After specs had cut MXN short positions the week prior, they re-engaged this week with $0.9bn of MXN selling through Tuesday and another $0.3bn since. Estimated positioning in MXN is currently -$1.6bn, which is still relatively moderate compared to the lows in July (-$2.7bn)."

"Specs sold $1.1bn worth of EUR, bringing shorts to -$12.3bn. While shorts increased, EUR positioning is still relatively clean compared to much of the rest of the year. Shorts have increased only marginally since positioning hit -$9.4bn in August, after having come up from -$30.4bn in March."
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