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Speculative accounts sold USD heavily - Nomura

FXStreet (Bali) - For the week ended April 15, USD was sold by non-commercial accounts to the tune of $4.2bn, notes Nomura Research Analysts.

Key Quotes

"JPY was the largest counterparty in these transactions, with purchases of $2.3bn. Positioning for USD (-$5.0bn) was at the lowest point since February 2013, although we estimate positioning close to -$3.1bn."

"Speculative accounts sold $4.2bn of USD, bringing net positioning down to -$5.0bn. However, since Tuesday, we believe that speculative accounts bought $1.9bn worth of USD, bringing total positioning to -$3.1bn. "

"JPY was the largest gainer in terms of positioning for the week with non-commercial accounts buying $2.3bn worth, pushing positioning to -$8.5bn. While very negative, the positioning is still less negative than during 85% of the past year. By Friday's close we estimate positioning had decreased again to -$9.2bn."

"Specs bought $0.4bn of GBP on the week, bringing positioning to $5.3bn. Through the end of the week, we estimate positioning increased further to $5.5bn, which is the most net long GBP positioning has been since 2007."

"AUD positioning increased further to $0.8bn, with $0.4bn of speculative buying on the week. This is the most net long since April 2013."

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