🧮 Hedge Funds Build Sterling Bullish Bets to Highest Since 2018: Cable FX Macro
- Rosbel Durán
- Jun 26, 2023
- 1 min read
**As seen in IMM Positioning report 06/23/23, subscribe at cablefxm.co.uk/reports
The latest CFTC data showed leveraged money names pushing its net long GBP futures position to 42.1K contracts, the percentage of open interest ticked higher by 17.5 points to 18.6%, the measure is now at a 5-year high and above its 1-standard deviation band
Kiwi net long position was trimmed to almost null, the % of OI fell 11.5 points to 2.2%, the lowest reading since early April. Prior to the latest data, leveraged funds had held the NZD net long position at extended levels, the upper standard deviation band stands at 11.6% of open interest
As of last week, the CAD, AUD and JPY are held net short. The cumulative dollar position is still below its 5-year average at 4.5% of open interest
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