FXstreet.com (Barcelona) - Mike Jones, Currency Strategist at Bank of New Zealand, has published a note to clients, suggesting that the currency positioning of exporters and importers suggests "the NZD/EUR is closer to peaking" he says.
Mike explains: "Last week, exporters reduced the duration of their NZD/EUR hedges to the lowest level since 2004 (to 2.5 months, compared to the 2-year average of 7.1 months). Meanwhile, importers increased NZD/EUR hedging duration from 3.5 months to 3.8 months."
Mike explains: "Last week, exporters reduced the duration of their NZD/EUR hedges to the lowest level since 2004 (to 2.5 months, compared to the 2-year average of 7.1 months). Meanwhile, importers increased NZD/EUR hedging duration from 3.5 months to 3.8 months."
