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5 May 2015
SEK replaces EUR as the largest short – BNPP
FXStreet (Barcelona) - The BNP Paribas Team uses their proprietary FX positioning analysis to note that SEK has replaced EUR as the largest short and has scope for further selling.
Key Quotes
“Our BNP Paribas FX Positioning Analysis indicates the SEK has replaced the EUR as the largest short position held by the market.”
“Although the SEK is now the largest short position, overall positioning is not stretched. The current short exposure at -21 (scale of -50 to +50) is far from the January trough of -30.”
“From a longer-term perspective, bearish SEK positioning does not yet appear to be extreme, providing scope for the SEK to be sold, especially as the Riksbank has announced a substantial increase in its quantitative easing programme (SEK 40-50bn).”
Key Quotes
“Our BNP Paribas FX Positioning Analysis indicates the SEK has replaced the EUR as the largest short position held by the market.”
“Although the SEK is now the largest short position, overall positioning is not stretched. The current short exposure at -21 (scale of -50 to +50) is far from the January trough of -30.”
“From a longer-term perspective, bearish SEK positioning does not yet appear to be extreme, providing scope for the SEK to be sold, especially as the Riksbank has announced a substantial increase in its quantitative easing programme (SEK 40-50bn).”