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Markets Built GBP Net Position Materially Last Week

CFTC

Friday's CFTC CoT report showed markets built the GBP net position materially in the week ending Tuesday 2nd Dec, cutting the net short to just under 8k contracts - a swing of 6.6% as a % of open interest to -5.4%.

  • The positioning shift more than likely a result a of Brexit newsflow, with hopes of a deal evident in GBP/USD's rise above 1.35 last week.
  • Markets also bought JPY, MXN and NZD on a net basis.- The net short AUD position extended, with the short position as a % of open interest growing to -8.3% from -4.0% previously.

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