US Dollar Index Speculators cut bullish bets for 7th straight week, drop CAD bets

November 23, 2019

November 23rd – By CountingPips.comReceive our weekly COT Reports by Email

US Dollar Index Speculator Positions

Large currency speculators once again decreased their bullish 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 24,625 contracts in the data reported through Tuesday November 19th. This was a weekly fall of -3,159 contracts from the previous week which had a total of 27,784 net contracts.

The week’s net position was the result of the gross bullish position (longs) lowering by -2,408 contracts (to a weekly total of 31,509 contracts) compared to the gross bearish position (shorts) which saw a gain by 751 contracts on the week (to a total of 6,884 contracts).

US Dollar Index speculators cut back on their bullish bets for a seventh straight week and have now trimmed the net position by a total of -18,403 contracts over the past seven weeks. These recent declines have brought the overall net position to the lowest bullish level in twenty-three weeks.


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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.

Canadian dollar speculators sharply cut back on their bullish positions by over -13,000 contracts this week. This is the second straight week bets have fallen by more than -10,000 contracts after bets had gained strongly in the previous three weeks. The CAD position continues to be in bullish territory for the twenty-first straight week but is now at the lowest level in the past five weeks with a total net position of +28,865 contracts.

Overall, the only major currency that saw improving speculator positions this week was the New Zealand dollar with a total of 1,136 contracts.

The currencies whose speculative bets declined this week were the US dollar index (-3,159 weekly change in contracts), euro (-4,834 contracts), British pound sterling (-3,770 contracts), Japanese yen (-34 contracts), Swiss franc (-1,072 contracts), Canadian dollar (-13,508 contracts), Australian dollar (-6,431 contracts) and the Mexican peso (-2,216 contracts).


Chart: Current Strength of Each Currency compared to their 3-Year Range

See the table and individual currency charts below.


Table of Large Speculator Levels & Weekly Changes:

Currency Net Speculator Position Specs Weekly Change
USD Index 24,625 -3,159
EuroFx -62,503 -4,834
GBP -31,903 -3,770
JPY -35,031 -34
CHF -16,192 -1,072
CAD 28,865 -13,508
AUD -47,240 -6,431
NZD -35,099 1,136
MXN 139,821 -2,216

 

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 recorded a net position of -62,503 contracts in the data reported through Tuesday. This was a weekly decline of -4,834 contracts from the previous week which had a total of -57,669 net contracts.


British Pound Sterling:

The large British pound sterling speculator level equaled a net position of -31,903 contracts in the data reported this week. This was a weekly lowering of -3,770 contracts from the previous week which had a total of -28,133 net contracts.


Japanese Yen:

Large Japanese yen speculators was a net position of -35,031 contracts in this week’s data. This was a weekly decrease of -34 contracts from the previous week which had a total of -34,997 net contracts.


Swiss Franc:

The Swiss franc speculator standing this week recorded a net position of -16,192 contracts in the data through Tuesday. This was a weekly lowering of -1,072 contracts from the previous week which had a total of -15,120 net contracts.


Canadian Dollar:

Canadian dollar speculators was a net position of 28,865 contracts this week. This was a decrease of -13,508 contracts from the previous week which had a total of 42,373 net contracts.


Australian Dollar:

The large speculator positions in Australian dollar futures equaled a net position of -47,240 contracts this week in the data ending Tuesday. This was a weekly lowering of -6,431 contracts from the previous week which had a total of -40,809 net contracts.


New Zealand Dollar:

The New Zealand dollar speculative standing reached a net position of -35,099 contracts this week in the latest COT data. This was a weekly advance of 1,136 contracts from the previous week which had a total of -36,235 net contracts.


Mexican Peso:

Mexican peso speculators recorded a net position of 139,821 contracts this week. This was a weekly reduction of -2,216 contracts from the previous week which had a total of 142,037 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).