The latest output from BNP Paribas FX Positioning Analysis highlights that FX investors are not positioned for USD appreciation.
In particular, BNPP notes that USD positioning is light, with the market having fully unwound the long USD positions it held at the start of the year.
“With the market pricing only 75bp of Fed tightening until the end of 2018 (versus our expectations of 150bp), in our view there is a lot of scope for USD long positions to be significantly rebuilt,” BNPP argues.
EUR/USD is trading circa and USD/JPY is trading circa as of writng.
Source: BNP Paribas Research
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