The Global FX Strategy team at Nomura, via its FX Positioning Index research note points to important change in FX market positioning.

Key points

JPY: According to IMM data for the week ended October 25, leveraged funds’ net long positioning in JPY rose after three weeks of falling (to 35% vs. 32% last week). The highest level of net long positioning in JPY is 57%, which was last seen in September. On the flip side, asset managers’ net short positioning in remained steady at 5%.

EUR: Leveraged funds’ net short positioning in EUR fell (to 61% vs. 69% last week). The highest level of net short positioning in the last year stands at 75%, which was last seen in August. Asset managers’ net long positioning in EUR fell on the week to 13% vs. 18% last week.

CAD: Leveraged funds’ net short positioning in CAD fell on the week (to 24% from 42% last week). The highest level of net short positioning in CAD in the last year  stands at 80%, which was last seen in February. Asset managers’ net long positioning in CAD fell on the week to 37% vs. 53% previously.

MXN: Net short positioning by leveraged funds in MXN continued to normalize as of Tuesday (to 54% of total leveraged funds’ contracts vs. 63% last week). The highest level of net shorts in MXN stands at 77%, which was last seen in October. Asset managers’ net long positioning in MXN remained steady at around 65%.

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