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The euro continues to find support from real money investors who view dips as buying opportunities, according to Bank of America’s latest foreign exchange analysis released this week.
While hedge funds increased their U.S. dollar positions last week, particularly against the euro, real money investors—especially those in Europe—maintained their strategy of purchasing euros during price declines, Bank of America reported in its market analysis.
The bank highlighted "meaningful official euro demand" as a notable development last week, indicating sustained institutional interest in the European currency despite fluctuations in market sentiment.
In other currency movements, Bank of America observed distinctive hedge fund demand for the Norwegian krone against the Swedish krona, marking a standout trend within G10 currencies.
Emerging market currencies also experienced strong demand, with real money investors in Asia and hedge funds in Latin America increasing their positions, leading Bank of America to note there remains "ample space for USD EM to sell off further."
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