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24 Jun 2013
Flash: EUR largest net long among majors - Scotiabank
FXstreet.com (Barcelona) - Camilla Sutton, Chief Currency Strategist at Scotiabank notes that EUR is the largest net long among majors following Fridays COT report.
She sees that the currency has swung back into a net long $3.4bn position, a buy signal, for the first time since late February. Further, she adds that a large increase in gross longs was the main contributor with a week-over-week swing of $4.6bn, likely driven by flows out of EM and carry into EUR. Meanwhile, she adds that the $3.3bn narrowing in the net short GBPposition was due to a combination of rising longs as well as short covering.
She sees that the currency has swung back into a net long $3.4bn position, a buy signal, for the first time since late February. Further, she adds that a large increase in gross longs was the main contributor with a week-over-week swing of $4.6bn, likely driven by flows out of EM and carry into EUR. Meanwhile, she adds that the $3.3bn narrowing in the net short GBPposition was due to a combination of rising longs as well as short covering.