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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CFTC
- The GBP net long position surged further in Friday's CFTC report, as markets added a net 48k contracts, or 9.6% of open interest. This puts the net long at its largest on record - clearing the comparable levels seen in 2007. As a % of open interest, the GBP long has hit 47.4% - the highest of all currencies in the CoT data.
- The shifts in GBP positioning come despite the relatively contained shifts in policy expectations (2024 cumulative cuts pricing was rangebound in the latest week), but may represent a prolonged reaction to the election, the improved growth outlook among the sell-side, and the particular strength for GBP against the EUR and JPY in recent weeks.
- Markets aggressively trimmed the NZD net position, halving the outright long from over 25k contracts to 12.5k. This trims the position as a % of OI to 20.6% from 43.5% and represented the largest one-week move in the latest CFTC report. The data is accurate as of the Jul 16th close, so would capture the below-expected Q2 CPI release.
- EUR and AUD positions inched to net long from neutral, CAD and CHF shorts deepened, while MXN long saw a modest trim. Full data here:
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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