BofAML’s proprietary flows showed tentative signs of stabilisation last week, with hedge funds taking some contrarian positions. HF sold JPY, signifying that the JPY rally may be over for now, GBP was bought ahead of the EU summit and CAD & NOK benefitted from the oil rally. Real money investors were less contrarion in their trades, they sold AUD and bought EUR. In contrast to the CFTC data which showed another week of USD selling, our data which is through Friday shows that USD found support from official sector clients, and indeed USD was bought across all client types, albeit to a lesser extent. Thanos Vamvakidis notes that whilst one week of flows is not a trend, this could indicate some calm in the week ahead after last week’s turbulence.