Weekly Forex futures met noncommercial positioning data for the week ending May 21, 2019:
- EUR short 101K vs 95K short last week. Shorts increased by 6K
- GBP short 26K vs 3K short last week. Shorts increased by 23K
- JPY short 55K vs 62K short last week. Shorts trimmed by 7K
- CHF short 37k vs 40k short last week. Shorts trimmed by 3K
- AUD short 66k vs 66k short last week. Shorts increased by 2K
- NZD short 11K vs 11K short last week. Unchanged
- CAD short 42K vs 48K short last week. Shorts trimmed by 6K
- Prior report
The big move is in the pound, where specs finally hit the 'sell' button. The market did a poor job of figuring out what was going on with GBP and missed nearly all of the move lower (at least so far). To be fair, everyone has been frustrated with the pound.
GBP net:
Separately,
this is the second week in a row of yen shorts getting out of the way.
They cut the position by 30K last week as risk aversion hit and
continued the same trend this week.
