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Hedge funds raise negative sterling bets as Trump wades into Brexit debate

  • Trump backs hardline British politicians, triggering downbeat Sterling bets from hedge funds
  • At 10.50 AM GMT, the Sterling was firm against the greenback while it gained 0.30 percent versus the euro.

Ahead of Britain’s planned withdrawal from the European Union, US President Donald Trump stepped up his support for hardline Brexit politicians Boris Johnson and Nigel Farage, even as hedge funds began raising their negative bets on the sterling. While the pound sterling gained for the second session in a row against the dollar on Monday, after hitting 5-month lows last week, the UK’s currency witnessed the biggest short position build-up since March 17th.