🔺🔻 Hedge Funds Short Cover Yen Shorts vs G10FX: Cable FX Macro

• Hedge funds scale on JPY buying as real money selling moderates, says

Deutsche

• Yen flows less negative on repatriation policy talk and systematic fast money demand

• Hedge funds trim USD buying; real money sellers' less aggressive stance more balanced

• Real money favours AUD, NOK; cuts support for GBP, EUR, SEK

• Hedge funds increased JPY demand and scaled back bearish bets across G10FX

• USD sentiment firms vs EM; real money cuts exposure, adds MXN selling. Hedge funds mixed in EMFX

Source: Deutsche Bank proprietary data