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CFTC Position Watch: Speculators cover GBP short positions as Brexit deadline approaches

Market Analysis - Milan Cutkovic | 25 Mar 2019

EUR:

* Large speculators continue to have a bearish view on the Euro following another series of disappointing economic data of the Euro Zone

* Net positioning stood at 78k vs 80k short previously - a decrease of 2k

EUR
EUR

GBP: 

* As the deadline for Brexit is approaching, an increasing number of large speculators prefer to remain on the side lines

* GBP volatility is expected to increase in the coming weeks, and uncertainty remains high

* Net positioning stands at 14k short vs. 37k short in the previous week - a decline of 22k

GBP
GBP

JPY/CHF: 

* Positioning remains stable for both currencies

* JPY: 59k short vs. 59k short previously

* CHF: 27k short vs. 23k short previously

* However, the recent sell-off in equities and dovish Fed has sparked fresh demand for JPY & CHF, which is not reflected in the CFTC data

JPY
JPY

Commodity currencies:

* No significant changes, but speculators added to CAD short positions, while trimming AUD short positions

* AUD short 52k vs 60k short previously

* CAD short 48k vs short 41k previously

* NZD short 1k vs long 4k previously

AUD
AUD

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