With three weeks to go before Britain is due to exit the European Union, interes...
LONDON - With three weeks to go before Britain is due to exit the European Union, interest in selling the pound against the dollar and euro is dwindling as currency traders bet that the worst-case scenario of a no-deal Brexit will be averted.
It is up 7 percent against the dollar year-to-date, making it the world’s best performing major currency. CFTC offers the most reliable and frequent update of investor positions though its data measures only a tiny fraction of the market. Separately, analysis by RBC Capital Markets of third-party flows data shows pound buying surged in two distinct rounds recently, especially against the euro, FX quantitative trader Robert Turner said.
Investors had a small euro long position versus the pound in early 2019 of +11 percent, swinging to a record short of -100 percent on Feb. 27. The current score is -78 percent, RBC said.Similarly, Nomura’s positioning metrics indicate that net short sterling positions have declined to near their lowest levels this year, with a net short bet of less than $3 billion. At end-2018, net short positions amounted to $4.5 billion.
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