Citi G10 Flows Update

G10 Flows: Momentum versus contrarian?

Despite the strong USD comeback overnight, we have actually seen net USD selling for most of the Tuesday session and the flow only flipped over to net buying since London stepped in. As usual, real money investors have acted as contrarians while leveraged names have chased the move.

–    USDJPY: Decent turnover; 52% bias in favor of selling

–    EURJPY: Reasonable turnover; clear bias in favor of selling

–    EURUSD: Decent turnover; no bias

–    EURGBP: Reasonable turnover; 53% bias in favor of selling

–    GBPUSD: Decent turnover; clear bias in favor of buying

–    USDCHF: Decent turnover; 51% bias in favor of buying

–    EURCHF: Very high turnover; no bias

–    AUDUSD: Decent turnover; 52% bias in favor of buying

–    NZDUSD: High turnover; 56% bias in favor of buying

–    USDCAD: Reasonable turnover; clear bias in favor of buying

–    EURNOK: High turnover; clear bias in favor of buying

–    EURSEK: High turnover; 54% bias in favor of buying

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