Credit Agricole CIB Research highlights the latest update from its FX positioning model.

"The USD took over as the G10 FX largest long following fresh buying interest last week, predominantly driven by Tactical flows. Our FX flow data points at corporates and hedge funds inflows, as well as banks and real money investors outflows," CACIB notes.

"The NZD returned as the biggest short in the G10 FX space after fresh selling interest last week, predominantly driven by IMM flows. Our FX flow data points at corporates, hedge funds and real money investors inflows, as well as banks outflows," CACIB adds.