Big fall in shorting of sterling since Budget

Betting against sterling has fallen significantly since the emergency Budget, with hedge funds and speculators closing short positions.

In the seven days following the Budget, the number of short positions in sterling fell from 62,267 to 52,397, according to data compiled by the US Commodity Futures Trading Commission, The Telegraph reports. The number of long positions increased slightly over the same period from 15,921 to 17,626. While the Chicago Mercantile Exchange data accounts for a fraction of the turnover on the world's currency markets, is seen as a barometer for wider movements. Shorting the pound hit record levels following the formation of the coalition, with the number of sell contracts reaching 76,745...