Goldman Sachs FX Flow Update by Milan Cutkovic

From Goldman Sachs via our FXWW chat-room:

Since NY has walked in, flows have remained high with most dollar pairs seeing profit taking from leveraged names, mainly in EURUSD and USDJPY. Yet the dollar continues to make new highs which is encouraging. The most notable dollar buying has occurred in USDCAD with model, real money, and corporate demand pushing the pair above the 1.1005 resistance level.

Elsewhere, AUDUSD has finally broken to new lows below .9200 which has supported the pair since March. Our flows have been light here but the 200dma at .9180 may be the more important level. It feels like positioning was the lightest in AUDUSD post the NFP washout above .9400 and the market is scrambling to re-initiate as the pair plays catch up to other dollars.

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