Forex futures positioning data for the week ended Tuesday, December 10:
- EUR short 68K vs 69K short last week. Shorts trimmed by 1K
- GBP short 23K vs 30K short last week. Shorts trimmed by 7K
- JPY short 44K vs 48K short last week. Shorts trimmed by 4k
- CHF short 21K vs 22K short last week. Shorts trimmed by 1K
- AUD short 37k vs 36K short last week. Shorts increased by 1K
- NZD short 25K vs 27K short last week. Shorts trimmed by 2K
- CAD long 21k vs 21K long last week. No change
The big shifts recently have been paring GBP and NZD shorts. Those trends both continued this week but at a slower pace than you might have expected given the rallies in both. Next week’s data will capture the UK election and that should be instructive.