CFTC Positioning Report: GBP net shorts in multi-month lows
|These are the main highlights of the latest CFTC Positioning Report for the week ended on November 5th:
- Speculators kept trimming gross shorts in the Sterling, taking net shorts to the lowest level since late May. Shrinking odds for a ‘no deal’ Brexit in tandem with rising speculations that PM B.Johnson could clinch a majority win in the December elections have been bolstering the upside momentum around the quid.
- JPY net shorts increased to levels last seen in June, always on the back of the recent improvement in the US-China trade scenario and the perceived likelihood that the ‘Phase One’ deal could be signed anytime soon.
- AUD saw an important uptick in gross longs, dragging the net shorts to the lowest level since the mid-June 2018. Upbeat news from the US-China scenario coupled with the expected ‘wait-and-see’ mode from the RBA gave much-needed oxygen to the Aussie Dollar during last week.
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