CFTC Positioning Report: GBP net shorts at highest since late August 2018

These are the main highlights of the CFTC report for the week ended on July 9:

• Speculators increased their short positions in GBP, taking net shorts to the highest level since 28 August 2018, always on the back of unabated uncertainty in the UK political scenario and unchanged Brexit limbo.
• USD net longs climbed to multi-week highs ahead of Powell’s testimonies at Capitol Hill and the FOMC minutes. It will be interesting to see how the speculative community re-assess the now higher chance of rate cuts later this month.
• On the EUR-side, speculators added shorts to their already bearish view, taking net shorts to 2-week tops in the wake of the ECB meeting, where prospects of (very) near-term easing were unveiled.