Just posting this up from Greg's Friday info on the latest CFTC speculative trading positioning:
- GBP short 66K vs 65K short last week. Shorts increase by 1K.
- weekly commitment of traders net speculative positions
I'm gonna out my hand up here and say I am not overly keen on the CFTC weekly report, its outdated (hey, 5 minutes ago is outdated in these markets) and only looks at futures-related trade. Plenty of people pay it regard though, and they make good points as to why its useful, so I do try to keep an open mind.
It is useful when there are big, important fundamental shifts having taken/taking place. Like when a whole country tries to flush itself down the toilet. Just sayin'.
Also, I've heard plenty of reports from 'retail' broking that 'retail' traders were heavily net long GBP. There will be plenty of longs hurting, no doubt, but CFTC data is indicating the net long may be not quite so large as is being promoted.
(ps. I am not keen on the 'retail' moniker, too imprecise and, let's be honest, its used in a pejorative sense mainly by people who have little basis for thinking so highly of themselves).
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GBP update:
- Cable 1.1993
- EUR/GBP 0.8842
- GBP/JPY 137.02
