CFTC Position Watch: Brexit Uncertainty Pushes Speculators to the Sidelines

Market Analysis /
09 Apr 2019


* Net positioning stood at 99k short vs 80k short in the previous week

* Speculators increased their bearish bets on the Euro amid improving US economic data

* The current sentiment in the market is that the ECB will keep interest rates unchanged until Summer 2020, while there is potential for the Federal Reserve to turn more hawkish if US data continues to improve


* Speculators remain cautious amid uncertainty around Brexit

* Net positioning stood at 10k short - almost unchanged from the previous week


* Increased risk appetite from investors and a recovery in equity markets have decreased demand for the Japanese Yen

* CFTC positioning data does not reflect this shift yet, as net positioning came in at 63k short - an increase of 1k

Commodity Currencies

* AUD short 56k vs short 54k in the previous week

* CAD short 44k vs short 40k in the previous week

* NZD positioning remains flat (0k)

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