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A recent report from the Commodity Futures Trading Commission (CFTC) of the United Kingdom showed that net positions for GBP pairs were at £1.3K versus short positions of £-2.4K this week. The report indicated that there was a reversal in the overall net positions of GBP pairs, as the net position had been at £-2.4K the week prior.
Prior to this week’s figures, net long positions on GBP pairs had been increasing since March, when they stood at £-5K. The report suggests that currency traders are starting to take a more bullish stance on GBP, as uncertainty around Brexit negotiations continues.
The figures also show an increase in net positions for EUR pairs and a decrease in net positions for JPY pairs. Net positions for EUR pairs rose to £13.6K this week, up from £12.1K from the previous week. Meanwhile, net positions for JPY pairs declined to £-10.5K from £-9.2K.
The CFTC report indicates that traders are more confident about their investments in EUR pairs than in JPY pairs, as political and economic issues continue to plague Japan’s economy.
Overall, the CFTC report reflects traders’ increasing optimism about the GBP and EUR pairs and declining confidence about the JPY. Despite the recent reversal of GBP net positions, it seems likely that the trend of improving sentiment will continue as Brexit negotiations remain on track.
