Leveraged funds continued building up JPY longs - Nomura

In the week ending Tuesday 3 April, leveraged funds built up long JPY positioning, increasing to 30% from 20 % the previous week, points out the research team at Nomura.

Key Quotes

“The 1y high in JPY netlong position is 36%, recorded in April. In contrast, asset managers cut long JPY positioning from 21% to 18%.”

“GBP&EUR: Sterling net-long positioning rose from 47% to 58%, reaching very close to the 1y high of 59% recorded in February. On the other hand, leveraged funds cut EUR net-long positioning slightly to 12% from 13% the previous week. The 1y high for netlongs is 41%, which was reached in January.”

“CAD: Leveraged funds increased short CAD position from 44% to 55%. The 1y high in CAD net-short positioning is 69%, recorded in May. Asset managers remained CAD net-longs, currently at 17%.”

“USD: Our BIS volume-weighted proxy shows that leveraged funds slightly increased net short USD positioning from 17% to 20%. Net short positioning has been maintained since January 2018.”