Bank of America's investor flows tracker......>

FOREX: Bank of America's investor flows tracker for Monday to Wednesday this

week "shows hedge funds selling EUR/JPY and EUR/USD. These flows agree with our

bearish EUR views. Hedge funds were selective in the rest of G10, buying NOK and

AUD, but selling GBP and CAD." They also note "real money buying USD and GBP,

primarily against CHF. Other real money G10 flows were relatively light, showing

some EUR and AUD selling and some NZD buying." Elsewhere, there was some

"differentiation, suggesting investors may have started focusing on

opportunities and relative value. Real money dominated flows, buying MYR and

HUF, against KRW, ILS and CNH. Hedge funds flows were light, buying TWD, SGD,

RUB and INR, against KRW, CNH and MXN. Our positioning analysis shows the market

being long EUR and CHF, and sort NZD and USD in G10. In EM, the market is long

PLN, RUB and CZK, and short ZAR, TWD and IDR. Although none of these positions

are stretched, further overall market volatility could trigger sharp FX moves."