US Dollar Index Speculators trimmed bullish bets for 2nd week. Peso bets jump

March 30, 2019

March 30th – By CountingPips.comReceive our weekly COT Reports by Email

US Dollar Index Speculator Positions

Large currency speculators cut back on their net positions in the US Dollar Index 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 US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 25,285 contracts in the data reported through Tuesday March 26th. This was a weekly reduction of -650 contracts from the previous week which had a total of 25,935 net contracts.

This week’s net position was the result of the gross bullish position decreasing by -1,664 contracts to a weekly total of 36,943 contracts that combined with the gross bearish position total of 11,658 contracts which saw a lowering by -1,014 contracts for the week.

The net speculative position for the USD Index has now declined for a second straight week following a sharp drop in bets last week. The current standing remains a little above the +25,000 net contract level for a second straight week. The bullish spec position had been steady above +30,000 contracts for thirty-two straight weeks before last week’s drop off.


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Individual Currencies Data this week:

In the other major currency contracts data, we saw only one substantial change (+ or – 10,000 contracts) in the speculators category this week.

Mexican Peso bets jumped sharply for a second straight week. This week’s gain of 23,447 contracts follows a gain of 47,791 contracts last week. The speculative peso bullish position is now at the highest level since April 23rd of 2013 when the net position totaled +146,911 contracts.

Overall, the major currencies that saw improving speculator positions this week were the British pound sterling (5,192 weekly change in contracts), Canadian dollar (8,203 contracts), New Zealand dollar (922 contracts) and the Mexican peso (23,447 contracts).

The currencies whose speculative bets declined this week were the US dollar index (-650 weekly change in contracts), euro (-2,574 contracts),  Japanese yen (-2,900 contracts), Swiss franc (-106 contracts) and the Australian dollar (-1,768 contracts).

See the table and individual currency charts below.


Table of Large Speculator Levels & Weekly Changes:

Currency Net Speculator Position Specs Weekly Change
USD Index 25,285 -650
EuroFx -80,278 -2,574
GBP -8,582 5,192
JPY -62,121 -2,900
CHF -27,295 -106
CAD -39,571 8,203
AUD -53,670 -1,768
NZD -202 922
MXN 146,334 23,447

 

This latest COT data is through Tuesday and shows a quick view of how large speculators or non-commercials (for-profit traders) 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:

The Euro large speculator standing this week totaled a net position of -80,278 contracts in the data reported through Tuesday. This was a weekly decline of -2,574 contracts from the previous week which had a total of -77,704 net contracts.


British Pound Sterling:

The large British pound sterling speculator level came in at a net position of -8,582 contracts in the data reported this week. This was a weekly rise of 5,192 contracts from the previous week which had a total of -13,774 net contracts.


Japanese Yen:

Large Japanese yen speculators totaled a net position of -62,121 contracts in this week’s data. This was a weekly decline of -2,900 contracts from the previous week which had a total of -59,221 net contracts.


Swiss Franc:

The Swiss franc speculator standing this week totaled a net position of -27,295 contracts in the data through Tuesday. This was a weekly lowering of -106 contracts from the previous week which had a total of -27,189 net contracts.


Canadian Dollar:

Canadian dollar speculators recorded a net position of -39,571 contracts this week. This was a gain of 8,203 contracts from the previous week which had a total of -47,774 net contracts.


Australian Dollar:

The large speculator positions in Australian dollar futures recorded a net position of -53,670 contracts this week in the data ending Tuesday. This was a weekly reduction of -1,768 contracts from the previous week which had a total of -51,902 net contracts.


New Zealand Dollar:

The New Zealand dollar speculative standing came in at a net position of -202 contracts this week in the latest COT data. This was a weekly boost of 922 contracts from the previous week which had a total of -1,124 net contracts.


Mexican Peso:

Mexican peso speculators totaled a net position of 146,334 contracts this week. This was a weekly boost of 23,447 contracts from the previous week which had a total of 122,887 net contracts.


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*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) 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).