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J.P.Morgan: EUR/USD Facing Position Headwinds

EURO-DOLLAR

Tuesday saw J.P.Morgan note that "speculative investors including CTAs,
and corporates via their currency hedging behavior, have likely been the
ones boosting the euro. With euro area corporates appearing to have
more than fully hedged their short euro exposure, with US corporates
appearing to be very short the dollar and with the long euro base by both
systematic and discretionary currency traders already high, any further
upside for the euro vs the dollar looks to be facing a positioning
headwind from here."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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