GBP shorts at highest level since June 2013 – RBC CM
|Elsa Lignos, Senior Currency Strategist at RBC Capital Markets, suggests that according to the IMM FX positions for the week ending June 7, futures investors increased net longs in USD from 34K to 95K.
Key Quotes
“This is the highest level since February 2016. EUR shorts increased from -38K to -67K. Meanwhile, GBP shorts doubled from -33K to -66K (the most short since June 2013). JPY longs rose by 28K to 43K. AUD shorts increased by 11K to -16K, the same week RBA left its cash rate unchanged.
CHF positioning changed from neutral (0.1) to net short at -10K, and CAD longs were scaled back by 5K to 22K. NZD longs increased by 3K to 9K, and MXN shorts increased by 4K to -59K.”
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