The latest IMM data covers the week 10-17 June 2014.
IMM data released on Friday revealed the largest single week bullish GBP build since September 2013. The move was sparked by Bank of England (BoE) governor Mark Carneys Mansion House speech on 12 June, in which he said rates could rise 'sooner than expected'. This took markets by surprise and consequently on Tuesday, non-commercial GBP positioning - measured as percentage of open interest - reached the most bullish level in more than two months (see page 5). It is, however, likely that some of the long positions have already been covered after the BoE minutes (released on 18 June) indicated no imminent plans of rate hikes. Therefore, we do not yet see the positioning posing a barrier for further GBP strengthening.
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