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Forex pairs in this Article » EUR/USD, USD/CHF, GBP/USD, USD/JPY (Bali) - For the week ending December 17, as Nomura notes, EUR was the only major currency that was bought by speculators ($2.1bn), while USD longs were unwound by -$1.3bn and CAD shorts were added to by -$0.8bn.

Key Quotes

"Specs bought $2.1bn of EUR, bringing positioning to $4.8bn. This is the highest level since the week ending 11/5. However, our real-time indicators suggest that much of this buying was reversed, with net longs back down to $2.6bn by Friday."

"There was -$0.8bn of CAD selling by speculative accounts on the week. This brings total net shorts to -$6.2bn, the highest since April. Our real-time indicators show that CAD net shorts have increased, bringing positioning to -$6.9bn, just shy of the -$7.4bn low recorded the week ending 4/16."

"USD positioning declined by -$1.3bn on the week ending Tuesday, right before the FOMC meeting. Since then, USD net longs have increased significantly, up $4.2bn to $21.0bn as of Friday. This is the highest since the week ending 9/10."

"GBP and CHF positioning remains at or near the highs of the year (at least since January), though the changes on the week were very small."

"JPY net shorts increased marginally (-$0.1bn) on the week. Since Tuesday, however, our real-time estimator points to further speculative selling of JPY, bringing net shorts to -$16.9bn as of Friday. This represents a new six-year low (since June 2007)."
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