Morgan Stanley FX Positioning Update

Morgan Stanley FX Positioning Tracker

* Since Monday, December 1, positioning in currencies has shifted.  In the majors, the largest shorts are in CHF and EUR; the biggest long is in USD.

* EUR short positioning deepened over the last week.  Our clients and Japanese retail were sellers, while sentiment soured.

*GBP positioning moved into short territory from neutral.  Global macro hedge funds and non-commercial IMM accounts were sellers.

*CAD short positioning scaled back, driven by large buying from our own client base.

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