UBS' FX flow model shows that USD was the.....>

FOREX: UBS' FX flow model shows that USD was the most heavily bought G10

currency on a normalized basis last week, experiencing its heaviest inflows in

the early part of the week, coinciding with the move higher in 10-Year yields.

- JPY was bid for the second straight week, with buying interest in the latter

part of the week.

- EUR was net sold for the fourth straight week, with the strongest outflows

observed ahead of the ECB meeting.

- GBP saw marginal outflows, led by heavy selling interest on Friday following

the soft GDP data.

- Unsurprisingly, NZD was the most sold, registering net outflows for the second

straight week. AUD also saw outflows, with the most substantial selling seen on

Tuesday, coinciding with weaker-than-expected inflation data. CAD also saw

inflows despite a relatively quiet week data-wise.

- SEK experienced selling interest every day last week, with the heaviest

outflows noted in lieu of the Riksbank's policy meeting. NOK was also sold for

the fourth straight week.