UBS FX Flows

EURUSD: The EUR was aggressively sold against the dollar, marking the fifth
consecutive week of outflows, on the back of heavy selling by hedge funds. Private
clients’ buying offset the outflows slightly while other clients showed no directionality.
USDJPY, EURJPY: The yen was moderately sold against both the dollar and the euro.
Hedge funds dominated the inflows in USDJPY, while private clients saw modest yen
buying activity. Inflows in EURJPY were led by hedge funds, and followed by corporates
and asset managers.
GBPUSD, EURGBP: Sterling was sold against the dollar but bought against the euro.
GBPUSD outflows, the largest since early January, were led by corporates (sixth straight
week of selling) and private clients. EURGBP saw its highest net outflows in over 5
months, dominated by hedge fund selling while other client types were largely flat.
USDCHF, EURCHF: The CHF was modestly bought against both the dollar and the
euro. Asset managers and private clients sold USDCHF while hedge funds and
corporates were net buyers. All client categories sold EURCHF.
USDCAD, AUDUSD, NZDUSD: The Aussie was mildly sold against the dollar led by
corporates, as other clients remained flat. NZDUSD saw good demand from asset
managers but was net sold with outflows from hedge funds and corporates. USDCAD
was net sold, with all client categories expressing a moderate net selling bias.
EURNOK, EURSEK, USDNOK, USDSEK: SEK was marginally net sold against EUR and
USD. NOK was modestly bought against the euro, and net sold against the dollar, after
seven consecutive weeks of outflows from USDNOK.

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