**As seen in IMM Positioning Report 04/28/23, subscribe at cablefxm.co.uk/reports
Hedge funds increased bullish GBP bets to the highest since mid-March, CFTC data show. The % of open interest held by leveraged funds in sterling contracts jumped by 2.8pp to 4.0%, the position is now above its 5-year average
In % of OI terms, NZD futures hold the most bullish position against the dollar at 8.8% after a rise of 4.2pp. Leveraged funds remain betting against CHF and JPY, however, the latest week saw a trimming of net shorts in both
Yen futures held by fast money had seen % of open interest fall below its 5-year standard deviation band, meaning the position had little room for extension. The latest data saw % of OI jumping to -22.8% from the prior -26.3%
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