FX Watch: G10 FX flows & positioning: USD demand vs EUR, JPY and AUD since end-Feb

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FX Watch: G10 FX flows & positioning: USD demand vs EUR, JPY and AUD since end-Feb

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FX Watch

G10 FX flows & positioning: USD demand

vs EUR, JPY and AUD since end-Feb

USD demand vs JPY, EUR, and AUD since end-Feb 17 June 2026

USD buying vs JPY, EUR, and AUD has been the key theme in G10 FX flows since end- G10 FX Strategy

Feb (Exhibit 1). Notably, options and futures flows have continued to support USD even Global

post-ceasefire, likely reflecting strong US data. Positioning signals point to risks around Michalis Rousakis

GBP, NZD, and JPY shorts, leaving us comfortable with our bullish bias on JPY and GBP FX Strategist

and moderated bearishness on NZD. For EURUSD, our survey suggests benchmarked MLI+44 (UK)20 7995 0336

investors have turned short, but positioning lags more bearish sentiment (Exhibit 1). michalis.rousakis@bofa.com

Marcus Boman

FX Options: USD and SEK demand vs GBP, AUD, and EUR FXMLIStrategist(UK)

FX options flows since Feb 27 have supported USD and SEK vs GBP, AUD, and EUR. +44 20 7996 3322

marcus.boman@bofa.com

While USD longs are not stretched, GBP shorts via options may well be (Exhibit 3).

G10 FX Strategy

Futures: USDJPY demand stands out MLISee Team(UK) Page for List of Analysts

USDJPY demand has been the main highlight within futures flows since Feb 27 (Exhibit

4, Exhibit 5). Besides JPY supply, TFF data also show strong supply of CAD and, to some

TFF = Traders in Financial Futuresextent, of EUR. However, Asset Managers’ EUR longs still stand out vs history (Exhibit 5).

LF = Leveraged Funds

Up/down vol & risk reversals: reduced USD longs

Price action indicates investors are long AUD, CHF, and NOK. Notably, however, USD AM = Asset Managers

shorts have increased significantly (Exhibit 6). Meanwhile, skew suggests investors are