Not any major changes in terms of FX positioning from last week.
The EUR remains the biggest net long (stretched above the 80 percentile of the past 52 weeks and looking at net-positioning as a percentage of open interest).
In comparison, the GBP is the second largest net short, with markets shifting positioning very rapidly in the past two weeks. After the less dovish BoE, and last week’s jobs and retail sales data, a divergence play between the EUR and GBP could be interesting if EU Flash PMIs see a huge miss and UK PMIs surprise higher.
Apart from that, the AUD remains the biggest net short, but very little opportunities to try and take advantage of that with lack of AU data i the week ahead.
