Goldman Sachs discusses the output of a price-based framework for G10 FX.

"Markets are entering an unusually packed calendar period over the next few weeks, and with event risk clearly elevated, FX positioning has come into focus. While our typical measures of FX market positioning have been unavailable, we turn to price-based estimates instead, which suggest that Dollar positioning has turned more balanced in February," GS notes.

"We find that positioning is shortest in JPY, consistent with fixed income outflows from Japan. And we note that fund flows suggest positioning in EUR has increased materially, while GBP length remains under pressure," GS adds.