Forex futures market speculative positioning data from the CFTC Commitments of Traders report as of the close on Tuesday, June 17 2014:

  • EUR net short 62K vs short 57K prior
  • JPY net short 68K vs short 82K prior
  • GBP net long 53K vs long 36K prior
  • AUD net long 27K vs long 28K prior
  • CAD net short 21K vs short 24K prior
  • CHF net short 4K vs short 3K prior
  • NZD net long 4K vs long 17K prior

Speculators can fall in love with headlines like where Carney says rate hikes are coming sooner than expected. The rise above 1.70 yesterday will have pulled in more specs. The sterling net is at the most extreme since 2011 but there is still plenty of room on the GBP wagon before the cart tips over.

Yen positioning has been choppy for a few weeks and it looks as though someone got out of a big NZD long after the RBNZ.

CFTC pound

CFTC pound net