Morgan Stanley FX Positioning Update

Since Monday, October 20, positioning in currencies has shifted. In the majors, the largest short is in CHF; the biggest long is in USD.
– EUR short positioning deepened over the week. Noncommercial IMM accounts and Japanese retail were both sellers, while sentiment became more bearish.
– GBP positioning moved into short territory from neutral. Our clients, non-commercial IMM accounts and Japanese leveraged margin traders were all sellers.
– AUD positioning is moving towards short territory. Over the last week selling was broad-based from multiple investor groups; however, our clients were notably large sellers.

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