Eurodollar Speculators reduced their bullish bets for 3rd week

September 30, 2019

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Eurodollar Non-Commercial Speculator Positions:

Large bond speculators reduced their bullish net positions in the Eurodollar futures markets again 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 Eurodollar futures, traded by large speculators and hedge funds, totaled a net position of 1,827,324 contracts in the data reported through Tuesday September 24th. This was a weekly decrease of -63,525 net contracts from the previous week which had a total of 1,890,849 net contracts.

The week’s net position was the result of the gross bullish position (longs) sliding by -120,923 contracts (to a weekly total of 2,524,537 contracts) while the gross bearish position (shorts) fell by a lesser amount of -57,398 contracts for the week (to a total of 697,213 contracts).


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Eurodollar speculators cut back on their bullish bets for a third straight week and by a total of -504,105 contracts in the last three weeks. The net position is back under the +2,000,000 contract level for a second straight week. The eurodollar speculative level has been in positive territory for twenty-three straight weeks (positions went from bearish to bullish on April 23rd) and after having spent the previous one hundred and forty-six weeks in a net bearish position.

Eurodollar Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -1,685,061 contracts on the week. This was a weekly uptick of 33,986 contracts from the total net of -1,719,047 contracts reported the previous week.

ED Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Eurodollar Futures closed at approximately $98.49 which was an uptick of $0.11 from the previous close of $98.38, 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).

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