FX Positioning Update – USD longs covering

via Citibank, based on their global flows data:

·       Long USD positioning has fallen to its lowest level since July 2014 as managers adopt defensive positions possibly due to the short squeeze experienced last week. GBP increased from flat to net long while SEK, EUR, AUD and CAD are short. CHF saw further reductions in short positioning and NZD remains long.
·       NOK experienced its first net long positioning indicator in three months as managers bought the currency possibly due to the recent uptick in oil prices. LATAM saw positioning reduced to flat as managers reduced exposure in MXN and CLP while BRL flipped net short.
·       Overall EM positioning moved to the highest long position in 7 months at +1.25. PHP and THB saw inflows while IDR long positioning was pared back. KRW and MYR increased from flat to net long. CEEMA positioning remains slightly net short with CZK, HUF, ILS and RON all remaining short. ZAR, RUB and PLN are net long and TRY saw long positioning further reduced.

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