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    Gamma exposure turns shorter in GBP ahead of Brexit - Deustche Bank

    Analysts at Deustche Bank explained that perceived gamma exposure has turned net shorter in sterling and the risk-off currencies ahead of the EU referendum.Key Quotes:"In GBP/USD, shorts have been extended from -2% to 1% of spot, resulting in a profile that is slightly short below and around spot, but long above.Looking at the risk-off currencies, shorts have been extended in both direction in AUD/JPY and EUR/JPY, while EUR/CHF and USD/CHF longs have been pared. In EUR/USD, shorts have been extended on the wings while longs have extended a touch around spot.""In EMFX, gamma longs haven been pared in EUR/HUF but modestly extended in USD/TRY. In EUR/PLN topside shorts have been extended. Elsewhere in USD/MXN, downside shorts have been extended while topside shorts have been completely neutralized."

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