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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
- More evidence of market taking notice of the BoE's expedited tightening pressures after recent CPI prints: GBP CFTC net positioning rose sharply in the Friday CoT release - with speculators adding close to 40k contracts on net, tipping outright positioning to the most net long since H1 2018.
Figure 1: Speculators add net 40k contracts inside one week
- This equates to an 18% W/W rise in positioning as a % of open interest, tilting the GBP positioning Z-score to +3.20, the highest among all currencies surveyed.
- CFTC survey period covers 13 - 20th June, across which GBP/USD rallied from ~1.25 to ~1.28 before finding resistance and fading across last week. 1.2849, the 0.618 projection of the Mar 8 - May 10 - May 25 price swing marks the next upside level of note.
Figure 2: GBP Positioning surges to highest since 2018
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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