BNP's Positioning on the EUR


The French investment bank points at huge change that occurred on the market in the previous week. Indeed, EUR positioning turned net long as risk aversion forced significant part of investors to withdraw capital from risky assets and buy the sold earlier euro back. What's more, BNP notes that this change is significant as it turned +18 vs -50 a week ago and now is the biggest in the G10 currency basket.
On the other hand, there are some ECB member's speeches in the upcoming week, which should sound dovish as global uncertainty on markets weighs on the ECB's decisions.
Meanwhile, the euro is surging up.