Bank of America Merrill Lynch FX Strategy Research notes that its latest proprietary flows show officials selling the USD again last week, after having stopped the two weeks before.
In addition, BofAML notes that its flows suggest more downside risk for NZD.
"Despite some hedge fund demand, strong real money NZD selling continues, suggesting further downside risks in the short-term, despite short positioning," BofAML adds.
Source: Bank of America Merrill Lynch Rates and Currencies ResearchOriginal Article
