There doesn’t seem to be much point in going through the currencies one-by-one given the low levels of positioning and general dis-interest! That said, one of the bigger US prop desks has reportedly started to pile into an early USD short position against the JPY and Gold in particular.

The Algos are still dominating the market and it will take some significant news to get momentum started but with positioning at such low levels, we would seem to have the potential for a move to emerge if indeed a black swan arrives from left field.

There has also been some notable buying of AUD/NZD today, a perennial favourite amongst Asian investment managers, and with some technical bullishness also emerging, this is another pair worth watching.

On USD/Asia, offshore managers buying local bonds is providing some downward pressure.