UBS Weekly FX Flow report: Swings to JPY outflows

EURUSD: EURUSD  was  net  bought  as  significant  buying  by  asset  managers  exceeded  selling by corporates and hedge funds. USDJPY,  EURJPY:  USDJPY  was  bought  as  outflows  from  private  clients  were  more  than offset by inflows from all other client groups. JPY saw outflows vs EUR, as all client groups were JPY sellers except for private clients who showed limited directionality. EURCHF,  USDCHF:  CHF  saw  inflows  vs  EUR,  as  private  clients’  and  asset  managers’  CHF  buying  outweighed  selling  from  corporates  and  hedge  funds.  USDCHF  was  net  sold as hedge funds’ buying was more than offset by corporates and asset managers’ selling. AUDUSD,  NZDUSD,  and  USDCAD:  AUDUSD  was  net  sold  for  a  fourth  consecutive  week  as  hedge  funds,  private  clients  and  corporates  continued  to  net  sell  AUD.  Net  buying was recorded for NZDUSD as buying interest from asset managers outweighed selling  by  hedge  funds  and  private  clients.  CAD  saw  inflows  vs  USD  as  all  the  client  groups were marginal CAD buyers. EURSEK,  EURNOK,  USDSEK,  and  USDNOK:  EURSEK  selling  extended  to  the  8th  consecutive   week,   the   highest   since   Sep-2014,   driven   predominantly   by   asset   managers.  EURNOK  experienced  inflows  on  the  back  of  sizeable  net  buying  interest  from asset managers. SEK was sold vs USD by all client groups except for flat corporate clients.  NOK  was  net  sold  vs  USD  as  asset  managers’  selling  dominated  buying  by  hedge funds and corporates.

(UBS)