GBP itle-holder in the G10 – Rabobank
US Dollar (USD) net long positions have decreased. Euro (EUR) net short positions have decreased. GBP net long positions have decreased for the fifth consecutive week and JPY net short positions have increased, Rabobank’s FX analysts Jane Foley and Molly Schwartz note.
GBP is the only G10 currency to have outperformed the USD
“USD net long positions have decreased, driven by a decrease in long positions. The US presidential election was held on November 5th, and Donald Trump was announced as President-elect on November 6th, accompanied by a GOP-majority in the Senate. Congressional results have not been finalized, but the GOP has already flipped two seats previously held by the Dems.”
“EUR net short positions have decreased, driven by a decrease in short positions. Eurozone aggregate CPI inflation registered a slightly firmer than expected 2.0% y/y last week. The market is currently pricing in only 17.2% of a 50bp cut at the December 12th EUR is the second worst performing G10 currency month-to-date in the spot market, depreciating 1.84% against USD.”
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