Flash: JPY positioning very short - Nomura

FXstreet.com (Barcelona) - As Nomura FX Strategists note, for the week ending November 19 there was a very similar trend to the previous week as USD was bought against EUR and JPY.

Key Quotes

"Speculative positioning in the USD increased by $2.4bn USD, bringing net longs to $16.9bn. On the other side, there was -$1.3bn of EUR selling, reducing net longs to $1.5bn, and JPY selling of -$2.1bn, bringing net shorts to -$14.0bn."

"Specs bought $2.4bn of USD, bringing spec positioning to $16.9bn of net longs. This is the most net long since early September, before the September FOMC meeting. USD positioning has swung $21.0bn in just three weeks since 29 October."

"There was -$1.3bn of EUR selling on the week, bringing net longs to $1.5bn. This is down from a net long of $12.1bn on October 29 (-$10.6bn of selling in three weeks). Specs bought $0.8bn of GBP on the week, bringing positioning nearly flat (-$0.2bn)."

"Specs sold -$2.1bn of JPY on the week, bringing shorts to -$14.0bn.This is the most net short JPY spec positioning has been since December of last year (-$14.3bn). Excluding that one week in December of last year, this is the most net short specs have been in JPY since mid-2007. Our real-time estimates suggest that this JPY selling trend has continued through the end of the week, bringing net shorts to -$14.4bn"

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