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Jun 01 - 10:55 AM

USD: Real Money Bought USD Last Week; Position Squaring Downside Risks Likely Limited - Credit Agricole

By eFXdata  —  Jun 01 - 09:30 AM

Creditb Agricole CIB Research discusses the latest readings from its FX positioning indicator.

"According to our FX positioning gauge, the USD was bought for most of the past week with real money investors driving the majority of the development. However, with net-positioning being broadly in line with its longer-term average, the currency should not be treated as trading in overbought territory," CACIB notes. 

"Hence, position squaring-related downside risks may prove limited unless upcoming data disappoints meaningfully," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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