GBP shorts cut to lowest level in 8 months – Nomura

FXStreet (Bali) – As reported by Nomura Research Team, according to the IMM data for the week ended June 30, GBP short positions were the least net short since November last year.

Key Quotes

According to the IMM data for the week ended June 30, non-commercial accounts cut their GBP short positions through $0.9bn of buying, bringing net portioning to -$1.3bn. This is the least net short GBP has been since November. Our real-time estimate suggests some of this was given back with $0.2bn of GBP selling through Monday.

NZD shorts continue to be built up, with $0.2bn of NZD selling through Tuesday, and $0.1bn since. This brought NZD positioning to -$1.1bn as of Tuesday, and an estimated -$1.2bn currently. NZD positioning continues to set new lows, exceeding the net shorts (and previous record) of last week.

Both EUR and USD positioning remained fairly steady with USD longs reduced by $0.5bn and EUR shorts increased by $0.1bn. This is relatively minor compared with the large positioning swings, and general unwinding of the past six months.

Specs cut shorts in JPY by $0.8bn on the week ended Tuesday and a further $0.7bn since. Shorts are now estimated at -$7.4bn, the least net short since short positions jumped in late May.

As reported by Nomura Research Team, according to the IMM data for the week ended June 30, GBP short positions were the least net short since November last year.

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