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18 Feb 2013
Forex Flash: GBP Positioning Shifts to Net Short - Nomura
Looking at last weeks IMM data, Nomura Strategists note that net long positions in the Euro decreased substantially last week, after four straight weeks of buying, as comments from policymakers including Draghi brought attention to growth concerns stemming from EUR strength.
They write, “Our real-time estimates suggest that overall long positioning has continued to decrease, though only marginally, since the IMM data. The JPY continued to see net shorts, though they were pared back somewhat for the second consecutive week. The notable shift came in the GBP where positioning continued to turn bearish, and last week’s $1.8bn net selling led to the overall spec position for GBP going into negative territory for the first time since September.”
They write, “Our real-time estimates suggest that overall long positioning has continued to decrease, though only marginally, since the IMM data. The JPY continued to see net shorts, though they were pared back somewhat for the second consecutive week. The notable shift came in the GBP where positioning continued to turn bearish, and last week’s $1.8bn net selling led to the overall spec position for GBP going into negative territory for the first time since September.”