FX Positioning Update – NZD shorts remain large by Milan Cutkovic

BNP Paribas noted in their latest positioning report that investors continue to hold sizeable, but not extreme, USD long positions, especially against the Kiwi Dollar, Swiss Franc and the Euro. They see the NZD as by far largest short positioning traders hold and note that it could be a barrier to further weakness in the currency. Further, short CAD positioning has been reduced back to neutral levels, according to the bank, while short GBP positioning has increased slightly.

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