CFTC Data Shows Speculators Generally Well Positioned Coming Into Brexit Vote

Coming into the Brexit vote, speculators trading derivatives were well positioned in some markets, not as well positioned in others, the Commodity Futures Trading Commission’s Commitments of Traders report shows.

Coming into Brexit vote, speculators short British pound and euro, long dollar

Speculators, which includes those who are not offsetting their trades by making or taking delivery of the product, are benefiting from their British pound exposure. Speculators, including a wide variety of hedge funds, banks and other institutional portfolio managers, were short GBP futures coming into Brexit. All told, this group sold a net of 15,000 contracts over the week.

Speculators also benefited from short positioning in the euro...