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CFTC Commitments of Traders – GBP Futures Turned to Net Long as BOE Might Hike Rate Next Week

As suggested in the CFTC Commitments of Traders report in the week ended October 26, NET LENGTH of USD index futures dropped -1 477 contracts to 34 457. Bets decreased on both sides. Concerning European currencies, NET SHORT of EUR futures slipped -851 contracts to 11 256. ECB President reiterated to keep interest rates at historically low levels despite rising inflation. Yet, the market did not appear to be convinced. NET LENGTH of GBP futures jumped +13 338 contracts to 14 953. The BOE is facing increasing pressure to raise the policy rate on mounting inflation concerns. On safe-haven currencies, NET SHORT of CHF future gained +1 795 contracts to 19 379 while that of JPY futures rose +4 302 contracts to 107 036. Concerning commodity currencies, NET SHORT of AUD futures dropped -812 contracts to 75 246. NET LENGTH for NZD futures increased +2 466 contracts to 8 906 during the week. CAD futures drifted o NET LENGTH of 3 320 contracts. The loonie should remain supported after BOC’s hawkish surprise.

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