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(N1) Bulls Still In Charge


Press Conference Begins


(N1) Still Heading North


Citi's latest flows & positioning analysis flags the following:

  • USD: "Aggregate USD positioning remains in small long territory. This is primarily driven by leveraged investors, who have accumulated dollars over recent weeks. Both real money and retail are neutrally positioned."
  • JPY: "Long positioning is now the largest it has been over the past year. Positioning is broad based, with all investor segments long. However, it is real money that is driving the aggregate reading, with positioning currently at a +10 (on a -10 to +10 scale). Though we continue to like JPY medium term, positioning may present some near term headwinds to the currency."
  • AUD: "Overall AUD positioning is currently short. However, there is broad divergence, with real money short, leveraged investors long, and retail neutral. Given the lead-lag relationship between leveraged and real money flows, we believe that alongside fundamentals, the current setup is supportive for AUD longs."
MNI London Bureau | +44 0203-865-3809 |