Friday clean-out as asset managers sell Anzacs
Most of the selling in the AUD and the NZD is being attributed to asset managers out of Asia. There are bids reported at .9750 but momentum is quite strong so if you’re sitting on stale longs, it mighn’t be a bad idea to off-load some on any small rallies.
I’m short Aussie against the Dollar, Euro and Kiwi, so this is the talking the opposite of my book, but I just noticed acounterpoint from Eamonn Sheridan, which I found interesting, nevertheless.
Just hearing that an investment bank is reporting its flows last week showed selling of AUD by investment managers was the second-largest on record.
Makes me think that if that was the case then where does the next wave of selling come from, how big can it be, and when? Makes me think we should now be on the watch out for signs of a bottom in AUD and looking for a more sustained bounce.
Yes I read same yesterday, think it was UBS, but I wouldn’t worry Schubes just yet, took the asset managers a long time to build up their positions so there could be still a lot more to come. No sign of any bounce at all in AUD and even this am we are seeing more asset manager selling so just wait until some strong basing signs emerge; that’s what I’m doing anyways