巴黎银行-全球-外汇策略-外汇定位分析-20180205-12页

Pleaserefertoimportantinformationattheendofthereportwww.GlobalMarkets.bnpparibas.comThisdocumenthasbeenproducedby:BNPParibasLondonBranchMichaelSneydGlobalHeadofFXStrategy&Cross-AssetStrategistAlexanderJekovGraduateAnalyst?FXinvestorshavefurtherextendedtheirEURlongexposure,toascoreof+25(-/+50scale).?USDshortpositioninghasonlymoderatedslightlyoverthepastweekandremainsatanextremeshortof-44.?ShortCHFexposurecontinuestomoderate.Atthestartof2018theCHFscorewas-23vs.-7currently.?LongSEKpositioningappearstohavemoderatedsomewhat,butremainsthesecondlargestlongpositionintheG10at+23.Chart1:BNPParibasFXPositioningAnalysis–OverallPositioning*Source:BNPParibas*Thepositioningscoresabovearereportedasapercentilebasedonthepriorfiveyearsofdata.Thesepercentilesarerescaledtogiveavaluebetween-50and+50.Valuesabove40andbelo