BAML: CFTC: GBP Love

From the FXWW Chatroom: The latest CFTC FX futures report shows that GBP$ positioning shifted significantly and $2.8bn GBP$ was bought, fastest pace in the past year. Positioning is finally back to neutral in most look back tenors for this pair. EURUSD is now long EUR for the first time since May 2014. For the USD, speculators sold $3.1B of USD contracts and decreased long USD positioning to $9.9B (smallest USD long since September 2016). In commodity ccy pairs, AUDUSD long positioning was cut again with $1.3B of AUDUSD selling -6th straight week of selling (3rd fastest pace in past year) & USDCAD longs continue to grow with a 10th straight week of buying ($2.8B added) and now look very stretched (nearly most long ever).

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