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Oct 18 - 10:55 AM

EUR/USD: Chart: Positioning Conviction Mixed But Last 3 Weeks Saw A Flip To The Long Side - BofA

By eFXdata  —  Oct 18 - 10:00 AM

Bank of America Global Research discusses EUR positioning and notes that net positioning is currently neutral for the EUR. 

"The green and red histograms in Exhibit 1 reflect the futures market position vs open interest for the euro (green: long, red: short)Nothing is stretched to suggest 'price might sharply rally or fall on a surprise headline," BofA notes. 

"Overall, net positioning is neutral, however, the last three weeks saw a net flip to the long side. Asset managers have been reducing euro longs since 3Q21. Leveraged funds have been modestly short and recently reduced some short positions. The markets need a reason (maybe a channel breakout) to establish a long position," BofA adds.

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Source:
BofA Global Research

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