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Currency Speculators reduced US Dollar bullish positions to 12-month low

Currency Speculators reduced US Dollar bullish positions to 12-month low

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US Dollar net speculator positions fell to $4.50 billion last week

The latest data for the weekly Commitment of Traders (COT) report, released by the Commodity Futures Trading Commission (CFTC) on Friday, showed that large traders and currency speculators reduced their bullish bets for the US dollar last week to the lowest level in just about a year.

Non-commercial large futures traders, including hedge funds and large speculators, had an overall US dollar long position totaling $4.50 billion as of Tuesday June 27th, according to the latest data from the CFTC and dollar amount calculations by Reuters. This was a weekly decline of $-3.32 billion from the $7.82 billion total long position that was registered the previous week, according to the Reuters calculation (totals of the US dollar contracts against the combined contracts of the euro, British pound, Japanese yen, Australian dollar, Canadian dollar and the Swiss franc).

The US dollar aggregate bullish position is currently at the lowest standing since July 5th 2016 when net positions totaled $4.18 billion. The USD speculative position has now remained under the +10.0 billion threshold for six straight weeks.

 

Weekly Speculator Contract Changes:

The individual major currency contracts saw more significant movements this week with four major currencies seeing weekly changes above the 10,000 contract mark.

  • The euro saw its speculator position rise by almost +14,000 contracts after a steep fall the previous week
  • Mexican peso positions bounced back strong after a large decline the previous week and now positions have risen four out of last five weeks
  • Canadian dollar positions jumped by over +30,000 contracts this week and rose for the fifth straight week
  • Japanese yen positions fell by their most of the past six weeks and are now at the most bearish level since March

Overall, the major currencies that improved against the US dollar last week were the euro (13,843 weekly change in contracts), Canadian dollar (33,386 contracts), Australian dollar (4,716 contracts), New Zealand dollar (3,778 contracts) and the Mexican peso (32,022 contracts).

The currencies whose speculative bets declined last week versus the dollar were the Japanese yen (-11,391 contracts), British pound sterling (-1,529 contracts) and the Swiss franc (-1,687 contracts).

 

Table of Weekly Commercial Traders and Speculators Levels & Changes:

Currency Net Commercials Comms Weekly Chg Net Speculators Specs Weekly Chg
EuroFx -75,505 -15,350 58,695 13,843
GBP 43,194 918 -39,133 -1,529
JPY 82,010 13,998 -61,350 -11,391
CHF 3,219 764 -4,669 -1,687
CAD 47,978 -37,788 -49,495 33,386
AUD -20,451 -6,254 19,749 4,716
NZD -26,325 -3,586 25,233 3,778
MXN -86,511 -30,687 81,007 32,022

 

This latest COT data is through Tuesday and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. All currency positions are in direct relation to the US dollar where, for example, a bet for the euro is a bet that the euro will rise versus the dollar while a bet against the euro will be a bet that the dollar will gain versus the euro.

 

Weekly Charts: Large Trader Weekly Positions vs Price

EuroFX:

 

British Pound Sterling:

 

Japanese Yen:

 

Swiss Franc:

 

Canadian Dollar:

 

Australian Dollar:

 

New Zealand Dollar:

 

Mexican Peso:

*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

The Commitment of Traders report is published every Friday by the Commodity Futures Trading Commission (CFTC) and shows futures positions data that was reported as of the previous Tuesday (3 days behind).

Each currency contract is a quote for that currency directly against the U.S. dollar, a net short amount of contracts means that more speculators are betting that currency to fall against the dollar and a net long position expect that currency to rise versus the dollar.

(The charts overlay the forex closing price of each Tuesday when COT trader positions are reported for each corresponding spot currency pair.) See more information and explanation on the weekly COT report from the CFTC website.

Article by CountingPips.com

 

Copper Speculators edged bullish net positions higher this week

Copper Speculators edged bullish net positions higher this week

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Copper Non-Commercial Speculator Positions:

Large speculators increased their net positions in the Copper futures markets this week after a down week last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 13,688 contracts in the data reported through Tuesday June 27th. This was a weekly advance of 909 contracts from the previous week which had a total of 12,779 net contracts.

Copper speculative positions have now gained for three out of the past four weeks and have remained above the +10,000 contract level for the past four weeks after falling below the threshold on May 30th.

Copper Commercial Positions:

The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -15,010 contracts on the week. This was a weekly fall of -887 contracts from the total net of -14,123 contracts reported the previous week.

JJC ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the JJC iPath Bloomber Copper ETN, which tracks the price of copper, closed at approximately $30.07 which was a gain of $1.01 from the previous close of $29.06, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article by CountingPips.comWeekly COT Report

 

 

Silver Speculators reduced bullish net positions for 3rd straight week

Silver Speculators reduced bullish net positions for 3rd straight week

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Silver Non-Commercial Speculator Positions:

Large speculators continued to decrease their net positions in the Silver futures markets this week for a third consecutive week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 35,532 contracts in the data reported through Tuesday June 27th. This was a weekly reduction of -11,149 contracts from the previous week which had a total of 46,681 net contracts.

Silver speculative positions have now fallen to the lowest level since January 19th 2016 when net bullish positions totaled +28,958 contracts.

Silver Commercial Positions:

The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -50,208 contracts on the week. This was a weekly rise of 8,626 contracts from the total net of -58,834 contracts reported the previous week.

SLV ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SLV ishares ETF, which tracks the price of silver, closed at approximately $15.79 which was a rise of $0.20 from the previous close of $15.59, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article by CountingPips.comWeekly COT Report

 

 

Gold Speculators sharply lowered bullish net positions for 3rd week

Gold Speculators sharply lowered bullish net positions for 3rd week

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Gold Non-Commercial Speculator Positions:

Large speculators once again cut back on their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 131,672 contracts in the data reported through Tuesday June 27th. This was a weekly reduction of -19,003 contracts from the previous week which had a total of 150,675 net contracts.

Gold speculators have now cut net positions for three straight weeks and by a total of -72,793 contracts over that time. The decline has brought gold bullish positions to the lowest level since May 16th.

Gold Commercial Positions:

Meanwhile, the commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -149,863 contracts on the week. This was a weekly increase of 15,153 contracts from the total net of -165,016 contracts reported the previous week.

GLD ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $118.81 which was a gain of $0.63 from the previous close of $118.18, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article by CountingPips.comWeekly COT Report

 

 

10-Year Note Speculators lowered bullish net positions for 1st time in 3 week

10-Year Note Speculators lowered bullish net positions for 1st time in 3 week

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10-Year Note Non-Commercial Speculator Positions:

Large speculators decreased their bullish net positions in the 10-Year Note futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of 10-Year Note futures, traded by large speculators and hedge funds, totaled a net position of 302,098 contracts in the data reported through Tuesday June 27th. This was a weekly reduction of -43,074 contracts from the previous week which had a total of 345,172 net contracts.

Speculator positions in 10-year notes had gained for the previous two weeks and, despite the decline, remain in a very bullish position above the +300,000 net contract level for a second straight week.

10-Year Note Commercial Positions:

The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -143,874 contracts on the week. This was a weekly advance of 57,001 contracts from the total net of -200,875 contracts reported the previous week.

IEF ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 7-10 Year Treasury Bond ETF (IEF) closed at approximately $107.36 which was a decrease of $-0.32 from the previous close of $107.68, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article by CountingPips.comWeekly COT Report

 

 

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