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FX Positioning Indicator - NZD Net Position Highest in a Year

NZD saw the most notable change in positioning, with the net position rising to a 52w high of 10% of open interest despite the continued dovishness of the RBNZ (recall - data correct as of Tues 18th close).

GBP's net position switched from net short of ~3k contracts to net long of ~7k, but still short of the 52w high at 35k net long. This suggests market was long headed into Brexit negotiations last week and may have been caught offside by last week's late sell-off.

The much-written-about build in EUR positioning abated slightly, with total net EUR now just below the multi-year high at 200k contracts. EUR/USD spot has edged lower by around 1% since the data was filed.

Full document here: https://emedia.marketnews.com/marketnewsintl/MNIFXPI2408.pdf

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