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CFTC Commitments of Traders – Net Short of GBP Declined Sharply as Brexit Uncertainty Diminished

As suggested in the CFTC Commitments of Traders report in the week ended December 10. NET LENGTH in USD Index dropped -1 616 contracts to 22 261. Speculative long positions slipped -428 contracts and short positions addd +1 188 contracts. Concerning European currencies, NET SHORT for EUR futures fell -1 406 contracts to 67 643. NET SHORT for GBP futures plunged -7 411 contracts to 22 639. Sterling’s recent rally has been driven by reduced uncertainty in Brexit. The market anticipates that Conservatives’ victory in the elections could lead to eventual Brexit on January 31, 2020. However, sterling could remain volatile next year as UK and EU proceed to trade negotiations.

On safe-haven currencies, Net SHORT for CHF futures dropped 1 422 contracts to 20 865. NET SHORT of JPY futures fell -4 141 contracts to 43 682. On commodity currencies, NET SHORT for AUD futures added +375 contracts to 36 808. Speculative long positions declined -10 936 contracts while shorts declined -10 561 contracts. Separately, NET SHORT for NZD decreased +1 652 contracts to 25 340 contracts last week. NET LENGTH for CAD futures added +730 contracts to 20 741.

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