By InvestMacro
Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).
The latest COT data is updated through Tuesday June 24th and shows a quick view of how large market participants (for-profit speculators and commercial 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 euro will decline versus the dollar.
The COT currency market speculator bets were overall lower this week as four out of the eleven currency markets we cover had higher positioning while the other seven markets had lower speculator contracts.
Leading the gains for the currency markets was the Canadian Dollar (13,166 contracts) with the EuroFX (9,582 contracts), the New Zealand Dollar (4,043 contracts) and the Japanese Yen (1,400 contracts) also showing positive weeks.
Free Reports:
The currencies seeing declines in speculator bets on the week were the British Pound (-8,462 contracts), the Brazilian Real (-6,962 contracts), the Mexican Peso (-6,716 contracts), the Australian Dollar (-3,172 contracts), the US Dollar Index (-3,066 contracts), the Swiss Franc (-888 contracts) and with Bitcoin (-377 contracts) also registering lower bets on the week.
The U.S. dollar index speculator position dropped this week for a second consecutive week and is now at the lowest level in the past 225 weeks. This is the lowest standing dating back to March 9th of 2021 when the speculator positions were negative by over -8,000 contracts.
The U.S. dollar index speculator position has fallen by -7,436 contracts in the last two weeks and by over -22,000 contracts in the last 15 weeks, going from +16,835 contracts on March 11th to -6,034 contracts this week.
Despite geopolitical turmoil over the last few weeks, the dollar index has not experienced safe haven flows and is now trading under the 98.00 exchange rate. This is the lowest level since 2022 when the index was on the rise up and culminated later that year at a high of nearly 115.00 in September 2022. The dollar index is now down about 12% since the beginning of the year after starting the year near the 110.00 exchange rate.
Quick Roundup:
Other Currencies:
– Non-US dollar contracts are improving week to week and month to month.
– Negative contracts at this point are the Swiss franc, the Australian dollar, the Canadian dollar, the US dollar index and Bitcoin.
Euro:
– Speculator positions have risen for five consecutive weeks and by over 36,000 contracts over that period.
– The Euro speculator position is now back over +100,000 contracts for the second consecutive week.
– The Euro positions are now at their highest level since January of 2024.
Japanese Yen:
– Speculator bets have cooled off somewhat after hitting record high in the last few months.
– The currency has been consolidating over the last two months, however it is up about 10% since beginning of the year.
Swiss Franc:
– Continues to have a negative large speculator position but has been steadily improving since the beginning of the year.
– It has halved its negative position to the current level of -20,000 contracts.
– Swiss franc has benefited from safe haven flows, rising approximately 15% against the U.S. dollar since January
Australian Dollar:
– The AUD exchange rate is up about 5% against the U.S. dollar in 2025.
– However, the speculator position is the most bearish out of all the major currencies as the Reserve Bank of Australia cut interest rate in May meeting.
Legend: Open Interest | Speculators Current Net Position | Weekly Specs Change | Specs Strength Score compared to last 3-Years (0-100 range)
COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that the Japanese Yen (87 percent) and the Brazilian Real (81 percent) lead the currency markets this week. The EuroFX (71 percent), New Zealand Dollar (68 percent) and the Canadian Dollar (64 percent) come in as the next highest in the weekly strength scores.
On the downside, the US Dollar Index (0 percent) and Bitcoin (4 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent).
3-Year Strength Statistics:
US Dollar Index (0.0 percent) vs US Dollar Index previous week (6.6 percent)
EuroFX (71.1 percent) vs EuroFX previous week (67.4 percent)
British Pound Sterling (48.7 percent) vs British Pound Sterling previous week (52.8 percent)
Japanese Yen (87.1 percent) vs Japanese Yen previous week (86.7 percent)
Swiss Franc (58.4 percent) vs Swiss Franc previous week (60.2 percent)
Canadian Dollar (64.1 percent) vs Canadian Dollar previous week (58.2 percent)
Australian Dollar (24.8 percent) vs Australian Dollar previous week (27.1 percent)
New Zealand Dollar (67.7 percent) vs New Zealand Dollar previous week (63.0 percent)
Mexican Peso (54.9 percent) vs Mexican Peso previous week (58.3 percent)
Brazilian Real (80.8 percent) vs Brazilian Real previous week (86.5 percent)
Bitcoin (4.1 percent) vs Bitcoin previous week (12.4 percent)
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that the New Zealand Dollar (29 percent) and the Canadian Dollar (13 percent) lead the past six weeks trends for the currencies. The EuroFX (10 percent), the Swiss Franc (4 percent) and the British Pound (3 percent) are the next highest positive movers in the 3-Year trends data.
Bitcoin (-29 percent) leads the downside trend scores currently with the Australian Dollar (-16 percent), the US Dollar Index (-12 percent) and the Japanese Yen (-11 percent) following next with lower trend scores.
3-Year Strength Trends:
US Dollar Index (-11.6 percent) vs US Dollar Index previous week (-4.0 percent)
EuroFX (10.0 percent) vs EuroFX previous week (9.8 percent)
British Pound Sterling (3.4 percent) vs British Pound Sterling previous week (6.5 percent)
Japanese Yen (-11.0 percent) vs Japanese Yen previous week (-12.7 percent)
Swiss Franc (4.3 percent) vs Swiss Franc previous week (7.1 percent)
Canadian Dollar (13.0 percent) vs Canadian Dollar previous week (1.9 percent)
Australian Dollar (-16.5 percent) vs Australian Dollar previous week (-14.9 percent)
New Zealand Dollar (29.3 percent) vs New Zealand Dollar previous week (25.3 percent)
Mexican Peso (-7.3 percent) vs Mexican Peso previous week (-5.4 percent)
Brazilian Real (1.0 percent) vs Brazilian Real previous week (21.7 percent)
Bitcoin (-29.1 percent) vs Bitcoin previous week (-0.1 percent)
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 20.6 percent.
Our weekly trend-following model classifies the current market price position as: Downtrend.
| US DOLLAR INDEX Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 42.5 | 40.4 | 9.1 |
| – Percent of Open Interest Shorts: | 61.9 | 18.8 | 11.4 |
| – Net Position: | -6,034 | 6,748 | -714 |
| – Gross Longs: | 13,283 | 12,617 | 2,840 |
| – Gross Shorts: | 19,317 | 5,869 | 3,554 |
| – Long to Short Ratio: | 0.7 to 1 | 2.1 to 1 | 0.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 0.0 | 100.0 | 20.6 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -11.6 | 11.3 | -3.6 |
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 71.1 percent. The commercials are Bearish with a score of 25.2 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 86.7 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| EURO Currency Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 29.3 | 54.7 | 12.4 |
| – Percent of Open Interest Shorts: | 14.8 | 76.3 | 5.5 |
| – Net Position: | 111,135 | -164,301 | 53,166 |
| – Gross Longs: | 223,791 | 417,363 | 94,870 |
| – Gross Shorts: | 112,656 | 581,664 | 41,704 |
| – Long to Short Ratio: | 2.0 to 1 | 0.7 to 1 | 2.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 71.1 | 25.2 | 86.7 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 10.0 | -10.2 | 7.7 |
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 48.7 percent. The commercials are Bearish with a score of 45.6 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 82.4 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| BRITISH POUND Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 55.5 | 24.0 | 20.0 |
| – Percent of Open Interest Shorts: | 36.4 | 48.5 | 14.6 |
| – Net Position: | 34,395 | -44,035 | 9,640 |
| – Gross Longs: | 99,848 | 43,166 | 35,906 |
| – Gross Shorts: | 65,453 | 87,201 | 26,266 |
| – Long to Short Ratio: | 1.5 to 1 | 0.5 to 1 | 1.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 48.7 | 45.6 | 82.4 |
| – Strength Index Reading (3 Year Range): | Bearish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 3.4 | -5.0 | 10.1 |
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 87.1 percent. The commercials are Bearish-Extreme with a score of 13.7 percent and the small traders (not shown in chart) are Bullish with a score of 79.5 percent.
Our weekly trend-following model classifies the current market price position as: Uptrend.
| JAPANESE YEN Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 56.7 | 29.2 | 12.9 |
| – Percent of Open Interest Shorts: | 14.7 | 76.2 | 8.0 |
| – Net Position: | 132,277 | -147,710 | 15,433 |
| – Gross Longs: | 178,403 | 92,034 | 40,462 |
| – Gross Shorts: | 46,126 | 239,744 | 25,029 |
| – Long to Short Ratio: | 3.9 to 1 | 0.4 to 1 | 1.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 87.1 | 13.7 | 79.5 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -11.0 | 9.4 | 6.4 |
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 58.4 percent. The commercials are Bearish with a score of 33.4 percent and the small traders (not shown in chart) are Bullish with a score of 79.5 percent.
Our weekly trend-following model classifies the current market price position as: Uptrend.
| SWISS FRANC Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 11.8 | 65.8 | 22.2 |
| – Percent of Open Interest Shorts: | 41.9 | 35.9 | 22.0 |
| – Net Position: | -20,944 | 20,768 | 176 |
| – Gross Longs: | 8,184 | 45,702 | 15,449 |
| – Gross Shorts: | 29,128 | 24,934 | 15,273 |
| – Long to Short Ratio: | 0.3 to 1 | 1.8 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 58.4 | 33.4 | 79.5 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 4.3 | -3.6 | 0.4 |
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 64.1 percent. The commercials are Bearish with a score of 35.0 percent and the small traders (not shown in chart) are Bullish with a score of 51.8 percent.
Our weekly trend-following model classifies the current market price position as: Uptrend.
| CANADIAN DOLLAR Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 12.6 | 67.5 | 13.6 |
| – Percent of Open Interest Shorts: | 39.0 | 42.4 | 12.3 |
| – Net Position: | -53,167 | 50,430 | 2,737 |
| – Gross Longs: | 25,267 | 135,776 | 27,452 |
| – Gross Shorts: | 78,434 | 85,346 | 24,715 |
| – Long to Short Ratio: | 0.3 to 1 | 1.6 to 1 | 1.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 64.1 | 35.0 | 51.8 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 13.0 | -17.6 | 35.7 |
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 24.8 percent. The commercials are Bullish with a score of 72.0 percent and the small traders (not shown in chart) are Bullish with a score of 54.6 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| AUSTRALIAN DOLLAR Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 15.4 | 64.9 | 15.1 |
| – Percent of Open Interest Shorts: | 63.4 | 18.2 | 13.7 |
| – Net Position: | -72,562 | 70,475 | 2,087 |
| – Gross Longs: | 23,249 | 97,992 | 22,820 |
| – Gross Shorts: | 95,811 | 27,517 | 20,733 |
| – Long to Short Ratio: | 0.2 to 1 | 3.6 to 1 | 1.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 24.8 | 72.0 | 54.6 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -16.5 | 11.7 | 9.5 |
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 67.7 percent. The commercials are Bearish with a score of 29.8 percent and the small traders (not shown in chart) are Bullish with a score of 67.5 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| NEW ZEALAND DOLLAR Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 42.1 | 38.5 | 9.8 |
| – Percent of Open Interest Shorts: | 35.8 | 47.2 | 7.3 |
| – Net Position: | 2,770 | -3,877 | 1,107 |
| – Gross Longs: | 18,619 | 17,004 | 4,355 |
| – Gross Shorts: | 15,849 | 20,881 | 3,248 |
| – Long to Short Ratio: | 1.2 to 1 | 0.8 to 1 | 1.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 67.7 | 29.8 | 67.5 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 29.3 | -29.2 | 7.8 |
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 54.9 percent. The commercials are Bearish with a score of 45.5 percent and the small traders (not shown in chart) are Bearish with a score of 47.5 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| MEXICAN PESO Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 57.0 | 37.6 | 4.9 |
| – Percent of Open Interest Shorts: | 22.1 | 75.5 | 1.8 |
| – Net Position: | 51,311 | -55,780 | 4,469 |
| – Gross Longs: | 83,729 | 55,155 | 7,127 |
| – Gross Shorts: | 32,418 | 110,935 | 2,658 |
| – Long to Short Ratio: | 2.6 to 1 | 0.5 to 1 | 2.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 54.9 | 45.5 | 47.5 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -7.3 | 7.1 | 3.5 |
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 80.8 percent. The commercials are Bearish-Extreme with a score of 17.9 percent and the small traders (not shown in chart) are Bearish with a score of 40.3 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| BRAZIL REAL Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 50.1 | 33.9 | 3.6 |
| – Percent of Open Interest Shorts: | 16.3 | 70.2 | 1.0 |
| – Net Position: | 44,730 | -48,182 | 3,452 |
| – Gross Longs: | 66,374 | 44,952 | 4,804 |
| – Gross Shorts: | 21,644 | 93,134 | 1,352 |
| – Long to Short Ratio: | 3.1 to 1 | 0.5 to 1 | 3.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 80.8 | 17.9 | 40.3 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 1.0 | -0.9 | -0.6 |
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 4.1 percent. The commercials are Bullish-Extreme with a score of 94.3 percent and the small traders (not shown in chart) are Bullish with a score of 61.6 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| BITCOIN Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 77.3 | 6.9 | 4.8 |
| – Percent of Open Interest Shorts: | 84.2 | 1.5 | 3.3 |
| – Net Position: | -2,161 | 1,692 | 469 |
| – Gross Longs: | 24,232 | 2,152 | 1,497 |
| – Gross Shorts: | 26,393 | 460 | 1,028 |
| – Long to Short Ratio: | 0.9 to 1 | 4.7 to 1 | 1.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 4.1 | 94.3 | 61.6 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -29.1 | 3.2 | 61.6 |
Article By InvestMacro – Receive our weekly COT Newsletter
*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) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.
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