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Oil continues to fall in price. The Australian dollar reached the maximum for 5 weeks

By the end of Thursday, the Dow Jones Index (US30) added more than 400 points and closed positive 0.92%. The S&P 500 Index (US500) gained 0.53% and hit a new record high, breaking the 6,100 mark. The Nasdaq Technology Index (US100) added 0.22%. Favorable corporate earnings results supported the overall market on Thursday. General Electric (GE) closed higher by more than 6% after reporting fourth-quarter adjusted earnings per share and announcing $7 billion in share repurchase plans. Moderna (MRNA) shares rose more than 10% and led the S&P 500 higher, adding to a 7% rally Wednesday after Oracle CEO Ellison spoke about the promise of artificial intelligence in early cancer diagnosis and the development of cancer vaccines. Netflix (NFLX) shares closed higher by more than 3% after Wolfe Research upgraded the stock to “outperform” from “perform” with a price target of $1,100. Electronic Arts (EA) fell more than 16% and topped the list of losers in the S&P 500 and Nasdaq 100 after the company reported preliminary third-quarter net revenues of $2.22 billion, weaker than consensus of $2.51 billion, and lowered its full-year net revenue guidance.

President Donald Trump reiterated in Davos his previous promises of tax cuts, tariffs on trading partners and increased energy production, and called on the Federal Reserve and other major central banks to cut interest rates. As for economic data, weekly US initial jobless claims rose 6,000 to a 6-week high of 223,000, indicating a weaker labor market than expected at 220,000.

The Mexican peso (USD/MXN) exchange rate rose to 20.4 per USD as the latest inflation data bolstered hawkish arguments from Bank of Mexico officials, dampening expectations of further monetary policy easing. While Mexico’s annual core inflation fell to 3.69% in mid-January, the lowest in four years, core inflation rebounded to 3.72%, beating estimates of 3.68%, signaling continued price pressures.

Equity markets in Europe were mostly up on Thursday. Germany’s DAX (DE40) rose by 0.74%, France’s CAC 40 (FR40) closed up 0.70%, Spain’s IBEX 35 (ES35) added 0.92%, and the UK’s FTSE 100 (UK100) closed positive 0.23%. In Europe, Puma shares fell about 20% after the German sportswear brand reported lower-than-expected fourth-quarter sales and lower annual profit, missing its 2024 earnings target.

The Bank of Norway decided to leave the discount rate at 4.5% on January 22, matching market expectations, but the head of Norges Bank said a rate cut is possible in March. Unemployment has risen slightly, but inflation is close to target. Although inflation is lower than expected, rising business costs may spur it again.

WTI crude oil fell to $74 a barrel on Thursday as President Donald Trump delivered a virtual speech at the Davos forum. In his speech, Trump announced plans to ask Saudi Arabia and OPEC to lower oil prices, emphasizing his administration’s energy priorities. Meanwhile, crude inventories fell by 1.02 million barrels, below market consensus that expected a 2.1 million barrel decline, and extended a 2 million barrel drop from the previous week.

Asian markets were predominantly up yesterday. Japan’s Nikkei 225 (JP225) added 0.79%, China’s FTSE China A50 (CHA50) rose by 0.64%, Hong Kong’s Hang Seng (HK50) gained 0.40%, and Australia’s ASX 200 (AU200) was negative 0.61%.

S&P Global’s Australian manufacturing PMI rose to 49.8 in January 2025 from 47.8 in December, according to flash data. This is the highest reading in 12 months, following 13 consecutive months of contraction. The index of business activity in the services sector fell to 50.4 in January 2025 from 50.8 in December 2024, according to flash data. That’s the lowest reading in six months, suggesting the sector’s growth is slowing. The Australian dollar climbed above $0.63 on Friday, hitting a five-week high after US President Donald Trump said after speaking with Chinese President Xi Jinping that he would prefer to strike a trade deal with China rather than impose tariffs. Given the close economic ties between Australia and China, it could have a significant impact on Australian markets. Trump also called on the US Federal Reserve to lower interest rates.

S&P 500 (US500) 6,118.71 +32.34 (+0.53%)

Dow Jones (US30) 44,565.07 +408.34 (+0.92%)

DAX (DE40) 21,411.53 +157.26 (+0.74%)

FTSE 100 (UK100) 8,565.20 +20.07 (+0.23%)

USD Index 108.13 -0.04 (-0.04%)

News feed for: 2025.01.24

Australia Manufacturing PMI (m/m) at 00:00 (GMT+2);
Australia Services PMI (m/m) at 00:00 (GMT+2);
Japan National Core Consumer Price Index at 01:30 (GMT+2);
Japan Manufacturing PMI (m/m) at 02:30 (GMT+2);
Japan Services PMI (m/m) at 02:30 (GMT+2);
Japan BOJ Policy Rate at 05:00 (GMT+2);
Japan Monetary Policy Statement at 05:00 (GMT+2);
Japan BOJ Outlook Report at 05:00 (GMT+2);
German Manufacturing PMI (m/m) at 10:30 (GMT+2);
German Services PMI (m/m) at 10:30 (GMT+2);
Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+2);
Eurozone Services PMI (m/m) at 11:00 (GMT+2);
UK Manufacturing PMI (m/m) at 11:30 (GMT+2);
UK Services PMI (m/m) at 11:30 (GMT+2);
Eurozone ECB President Lagarde Speaks at 12:00 (GMT+2);
US Manufacturing PMI (m/m) at 16:45 (GMT+2);
US Services PMI (m/m) at 16:45 (GMT+2);
US Existing Home Sales (m/m) at 17:00 (GMT+2);
World Economic Forum Annual Meeting (Day 5).

By JustMarkets

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Economics & Fundamentals Financial News

24 Jan

Japanese Yen Strengthens as Interest Rate Reaches Highest Level Since 2008

By RoboForex Analytical Department

The USD/JPY pair declined to 155.13 on Friday, as the yen gained robust support following the Bank of Japan’s (BoJ) decision to raise its interest rate during the January meeting.

BoJ’s interest rate hike and economic outlook

The BoJ increased the cost of borrowing by 25 basis points, bringing the benchmark interest rate to 0.5% per annum. This marks the highest rate in Japan since the 2008 global financial crisis, with monetary policymakers voting 8 to 1 in favour of the decision.

The central bank views Japan’s economic recovery as moderate and aligned with forecasts, estimating potential GDP growth at 0.5%. Additionally, the BoJ noted encouraging signs from companies, with many planning to offer substantial wage increases during spring negotiations. This development is seen as a positive factor for stabilising inflation, which remains a key focus for the BoJ.

However, the central bank expressed concern about rising import prices caused by the weak yen and increasing rice prices. Despite the interest rate hike, real rates in Japan remain deeply negative; however, conditions seem favourable for a shift into positive territory.

The BoJ is expected to maintain the current interest rate at its March meeting. For now, the central bank has fulfilled its immediate goals, and policymakers will assess the impact of higher borrowing costs on the economy.

Technical analysis of USD/JPY

On the H4 chart, USD/JPY experienced a pullback from 156.56 and continues to develop a downward wave targeting 154.20. After reaching this level, there is potential for a corrective growth wave back to 156.56. The MACD indicator supports this scenario, with its signal line below the zero mark and sharply downwards, confirming the bearish momentum.

On the H1 chart, the pair is currently in the middle of a fifth wave of decline, with a target of 154.20. The market is forming a compact consolidation range near 155.55. A downward breakout from this range would likely lead to further declines to 154.20. After reaching this level, a corrective wave to 156.56 (a test from below) is possible. Looking further ahead, the development of a continued downward wave towards 153.20 is also possible. The Stochastic oscillator supports this USD/JPY forecast, with its signal line below 20 and pointing strongly downwards, reinforcing expectations of further bearish movement.

Conclusion

The Bank of Japan’s interest rate hike has provided substantial support to the yen, with USD/JPY trending lower as the market absorbs the decision. While the BoJ is expected to hold rates steady in the near term, its actions have set the stage for further currency strength. Technically, the pair remains in a downtrend, with immediate targets at 154.20 and 153.20. Investors will closely monitor Japan’s inflation dynamics, wage negotiations, and import price trends for additional cues on the yen’s trajectory.

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Financial News Forex and Currency News

23 Jan

Oil down 4 consecutive sessions since Trump’s inauguration. Natural gas prices rise again due to cold weather

By JustMarkets

The Dow Jones Index (US30) was up 0.30% at Wednesday’s close. The S&P 500 Index (US500) was up 0.61%. The Nasdaq Technology Index (US100) added 1.33%. US stocks closed solidly higher yesterday, helped by strong earnings and promising corporate developments while markets assessed the implications of President Trump’s policy changes. Netflix rose by 9.7% after reporting a record increase in new subscribers. Additionally, Procter & Gamble shares added 1.9% on strong quarterly results. Oracle increased by 6.7%, delivering a nearly 20% weekly gain after announcing a joint venture with SoftBank and OpenAI related to a $500 billion artificial intelligence investment initiative. Nvidia rose by 4.4% and Microsoft added 4.1%, joining the broader technology rally.

Equity markets in Europe were mostly up on Wednesday. Germany’s DAX (DE40) rose by 1.01%, France’s CAC 40 (FR40) closed higher by 0.86%, Spain’s IBEX 35 (ES35) fell by 0.37%, and the UK’s FTSE 100 (UK100) closed negative 0.04%. On Wednesday, the DAX Index closed above a new record high of 21,259, posting its eighth consecutive session of gains and outperforming its European peers. The index was boosted by strong earnings from Adidas and optimism about large-scale investments in artificial intelligence. In Davos, ECB President Christine Lagarde warned Europe to anticipate possible changes in US trade policy, including selective tariffs under President Trump. She advocated economic reforms, supported the ECB’s cautious approach to lowering interest rates and cited energy prices as the main inflationary problem.

WTI crude prices fell to as low as $75 a barrel on Thursday, retreating for a fifth straight session after an industry report showed a new rise in US crude inventories. API data showed a 1 million barrel increase in crude inventories last week, the first rise after five weeks of declines. Traders also continued to assess the potential impact on energy markets of President Trump’s proposed tariffs on China, the European Union, Canada and Mexico, as well as warnings of sanctions on Russia if President Putin does not work to end the war in Ukraine.

The US natural gas (XNG/USD) prices rose to $3.9/MMBtu as cold temperatures led to record demand. On January 21, the coldest day in five years, heating demand surged, pushing spot gas and electricity prices to multi-year highs. Analysts expect energy companies to draw more than 200 billion cubic feet of gas from storage for two consecutive weeks, reversing a small inventory surplus compared with the five-year average.

South African inflation rose slightly to 3% in December 2024, up from 2.9% in November, but below the 3.2% projection. This rate remains well below the Reserve Bank of South Africa’s preferred average target of 4.5%. Core inflation, which excludes volatile categories such as food, soft drinks, fuel and energy, fell to 3.6% in December 2024, the lowest since February 2022, down from 3.7% in November.

Asian markets traded without a single dynamic yesterday. Japan’s Nikkei 225 (JP225) added 1.58%, China’s FTSE China A50 (CHA50) was down 1.48%, Hong Kong’s Hang Seng (HK50) was down 1.63%, and Australia’s ASX 200 (AU200) was positive 0.33%.

Singapore’s annualized inflation rate for December 2024 was 1.6%, unchanged from the previous month and above market expectations of 1.5%. Meanwhile, the annual core inflation rate fell to 1.8%, the lowest in three years, down from a 1.9% rise in November but above market estimates of a 1.7% rise.

S&P 500 (US500) 6,086.37 +37.13 (+0.61%)

Dow Jones (US30) 44,156.73 +130.92 (+0.30%)

DAX (DE40) 21,254.27 +212.27 (+1.01%)

FTSE 100 (UK100) 8,545.13 +3.16 (+0.04%)

USD Index 108.25 (+0.17%)

News feed for: 2025.01.23

Japan Trade Balance (m/m) at 01:50 (GMT+2);
Singapore Inflation Rate at 07:00 (GMT+2);
Norway Norges Bank Interest Rate Decision at 11:00 (GMT+2);
Canada Retail Sales (m/m) at 15:30 (GMT+2);
US Natural Gas Storage (w/w) at 17:30 (GMT+2);
US Crude Oil Reserves (w/w) at 18:00 (GMT+2);
World Economic Forum Annual Meeting (Day 4).

By JustMarkets

Energy Financial News

22 Jan

The threat of tariffs by the US against Mexico, Canada, and China is adding uncertainty to financial markets

By JustMarkets

At the end of Tuesday, the Dow Jones Index (US30) was up 1.24%. The S&P 500 Index (US500) added 0.88%. The Nasdaq Technology Index (US100) increased by 0.58%. Yesterday, on his first day in office, Trump took a number of steps to advance his agenda, but refrained from immediately imposing tariffs as many expected. However, he later revealed plans to impose a 25% levy on Mexico and Canada, while avoiding mentioning China. First and foremost, the move would put pressure on the peso by depriving Mexican manufacturing, especially the auto sector, of a major source of demand, which could force the Bank of Mexico to accelerate rate cuts. Second, these tariffs will significantly reduce demand for Canada’s largest exports, which will reduce dollar inflows. Further pressure comes from Trump’s emphasis on increasing domestic energy production in the US, which could reduce Canadian energy exports, forcing producers to lower selling prices.

Canada’s annualized inflation rate for December 2024 fell to 1.8% from 1.9% in the previous month, slightly below market expectations, which had expected it to remain at 1.9%, and marked the lowest rate of price increases since September. As a result, inflation remained at or below the Bank of Canada’s (BoC) 2% average target for the fifth consecutive month, reinforcing expectations for further rate cuts this year.

Equity markets in Europe were mostly up on Tuesday. Germany’s DAX (DE40) rose by 0.25%, France’s CAC 40 (FR40) closed up 0.48%, Spain’s IBEX 35 (ES35) fell by 0.14%, and the UK’s FTSE 100 (UK100) closed positive 0.33%. The ZEW Economic Sentiment Indicator for Germany fell to 10.3 in January 2025 from 15.7 in December and well below the projection of 15.3 as the German economy contracted for the second consecutive year in 2024 and inflationary pressures are rising. If these trends continue this year, Germany will fall further and further behind other eurozone countries. In addition, political uncertainty is increasing due to the potentially difficult coalition-building process in Germany and the unpredictability of economic policies implemented by the new Trump administration.

Silver (XAG/USD) rose to $31 an ounce on Wednesday, hitting its highest level in six weeks, as US President Donald Trump’s tariff threats fueled demand for safe-haven assets. Silver is also supported by expectations of further interest rate cuts by the Federal Reserve this year, which could weaken the dollar and boost demand for commodities.

Asian markets were predominantly rising yesterday. Japan’s Nikkei 225 (JP225) added 0.32%, China’s FTSE China A50 (CHA50) was down 0.10%, Hong Kong’s Hang Seng (HK50) was up 0.91% and Australia’s ASX 200 (AU200) was positive 0.66%. Chinese stocks opened lower on Wednesday after US President Donald Trump said his team is discussing imposing 10% tariffs on goods imported from China, which could take effect as early as February 1. Trump’s comments overshadowed more positive developments Friday, when he held a friendly phone conversation with Chinese President Xi Jinping. At the World Economic Forum, Chinese Vice Premier Ding Xuexiang emphasized that there are no winners in the trade war and called for greater international economic cooperation.

Hong Kong’s annualized inflation rate stood at 1.4% in December 2024, unchanged for the third consecutive month and the lowest since May. On a month-on-month basis, consumer prices rose by 0.1% in December after stalling in the previous month.

Malaysia’s annualized inflation rate for December 2024 was 1.7%, slightly below market consensus and November’s 1.8%. Core consumer prices, excluding volatile fresh food and administrative costs, were 1.6% y/y in December, the lowest since January 2022.

The New Zealand dollar fell to $0.565 on Wednesday as investors priced in the country’s latest inflation data. New Zealand’s annualized inflation rate for the fourth quarter of 2024 remained at 2%, slightly higher than expected but still within the Reserve Bank of New Zealand’s (RBNZ) target range of 1-3%. On a quarterly basis, the Consumer Price Index rose by 0.5%, down slightly from a 0.6% increase in the previous period. The data suggests that price pressures remain largely subdued, reinforcing expectations of a 50bp rate cut at the Central Bank’s February meeting.

S&P 500 (US500) 6,049.24 +52.58 (+0.88%)

Dow Jones (US30) 44,025.81 +537.98 (+1.24%)

DAX (DE40) 21,042.00 +51.69 (+0.25%)

FTSE 100 (UK100) 8,548.29 +27.75 (+0.33%)

USD Index 108.01 −1.34 (−1.23%)

News feed for: 2025.01.22

Canada Producer Price Index (m/m) at 15:30 (GMT+2);
Eurozone ECB President Lagarde Speech at 17:15 (GMT+2);
World Economic Forum Annual Meeting (Day 3).

By JustMarkets

Economics & Fundamentals Financial News

22 Jan

Gold Reaches 11-Month High as Global Demand for Safe Assets Surges

By RoboForex Analytical Department

Gold prices surged to an 11-month high, reaching 2,750 USD per troy ounce, a level last seen in November of the previous year. The metal’s rally reflects heightened demand for safe-haven assets amid escalating global trade tensions and a weakening US dollar.

Drivers of Gold’s rise

The growing appetite for Gold comes as fears of global ‘trade wars’ intensify. Investors seek refuge in safe assets following US President Donald Trump’s announcement of plans to overhaul the country’s tariff policies. The uncertainty surrounding potential escalations with Canada, Mexico, and China has rattled markets. The market eagerly awaits updates on these developments, but for now, the environment is ripe for Gold’s continued appeal.

In addition, Trump recently vowed to impose tariffs on the EU, though specifics remain unclear. The move is perceived as a potential tool for political leverage, raising further risks for global capital markets.

Another factor to watch is US inflation. Trump’s policies were initially expected to drive inflation, which supported the Federal Reserve’s elevated interest rates. While this would typically weigh on Gold, much will depend on the details of forthcoming economic measures.

Technical analysis of XAU/USD

On the H4 chart, XAU/USD formed a consolidation range around 2,689 USD before breaking out upwards to 2,724 USD. After testing 2,689 USD from above, the market resumed its upward movement, breaking through 2,724 USD and advancing towards the next target of 2,761 USD. A correction back to 2,689 USD remains possible in the future. The MACD indicator supports this scenario, with its signal line above the zero level and trending strongly upwards, reflecting bullish momentum.

On the H1 chart, the pair consolidated around 2,724 USD before breaking upwards to continue its growth wave. The immediate target is 2,761 USD and is expected to be reached soon. After hitting this level, a downward wave back to 2,724 USD could emerge, potentially extending to 2,689 USD as part of a correction. The Stochastic oscillator confirms this view, with its signal line above the 80 level but showing signs of preparing for a decline towards 20, indicating potential short-term bearish movement.

Conclusion

Gold’s rise to an 11-month high reflects its renewed safe-haven status amid escalating trade uncertainties and a softer US dollar. Technical indicators point to further gains towards 2,761 USD in the short term, though a correction to levels around 2,724 USD or 2,689 USD remains possible. Broader movements will depend on developments in US trade policy and inflation, with the market keenly focused on updates from Washington.

Disclaimer

Financial News Metals

21 Jan

Hong Kong index rises for the 6th consecutive session. Oil declines amid Trump’s statements to increase production

By JustMarkets

The US stock indices were not traded yesterday due to the Martin Luther King Jr. holiday. However, the US stock futures continued to rise on Monday. The rise followed a WSJ report that the president plans to direct federal agencies to review trade policy and assess US trade relations with China and neighboring countries. Contrary to earlier concerns, no new tariffs are expected to be imposed on his first day in office.

Bitcoin retreated towards the $100,000 mark on Tuesday after hitting a record high of $109,000 in the previous session as volatility persists following the inauguration of Donald Trump as the 47th president of the United States. Investors are expecting Trump to issue an executive order declaring digital assets a “national priority,” but it has yet to be issued. Trump is also expected to create a digital assets’ advisory board and increase deregulation to support the sector. Over the weekend, Trump unveiled his own digital token, which trades under the ticker “Trump” on the Solana blockchain. Melania Trump also joined the wave of digital assets by launching her own memecoin, further emphasizing the administration’s growing involvement in this space.

Equity markets in Europe were mostly up on Monday. Germany’s DAX (DE40) rose by 0.42%, France’s CAC 40 (FR 40) closed 0.31% higher, Spain’s IBEX 35 (ES35) Index gained 0.23%, and the UK’s FTSE 100 (UK100) closed 0.18% higher. On Monday, the FTSE 100 closed at 8521, a new record high. Traders were reassured by news that the incoming Trump administration will refrain from imposing trade tariffs for now.

WTI crude oil prices held below $76.9 a barrel on Monday as markets reacted to US President Donald Trump’s pledge to boost domestic oil production, including plans to invoke emergency powers to boost energy production immediately after taking office. In addition, his decision to delay the imposition of tariffs against China, Canada, and Mexico brought temporary relief, easing fears of supply disruptions, especially from Canada, the largest supplier of oil to the US.

Silver (XAG/USD) rose to $30.34 an ounce on Monday amid supply concerns and narrowing price discrepancies between New York and London markets. The threat of tariffs, especially after President Trump’s inauguration, initially raised premiums on silver futures as traders braced for potential disruptions. Geopolitical factors, including a reduction in tensions between the US and China following a positive conversation between Trump and Xi, are also boosting silver’s appeal as an asset.

Platinum (XPT/USD) prices fell below $950 per ounce, a sharp retreat from the two-month high of $982 reached on January 10, and continued last year’s lagging performance against other precious metals amid weaker demand for platinum for industrial use. The World Platinum Investment Council (WPIC) said slowing demand for internal combustion engines, which use platinum as a raw material for a catalyst, had pressured prices throughout the year due to a slowing Chinese economy and a growing preference for electric vehicles.

Asian markets were predominantly rising yesterday. Japan’s Nikkei 225 (JP225) added 1.17%, China’s FTSE China A50 (CHA50) gained 0.69%, Hong Kong’s Hang Seng (HK50) rose by 1.75% and Australia’s ASX 200 (AU200) was positive 0.45%. Hong Kong’s stock market rose by 142 points on Tuesday morning, marking its sixth session of gains and holding at its highest level in three weeks. The bullish momentum came after Donald Trump steered clear of China in his inauguration speech on Monday and did not immediately impose previously threatened tariffs. Meanwhile, Chinese President Xi Jinping urged policymakers to pursue more active macroeconomic policies this year to support growth.

In Japan, investors remain cautious ahead of the Bank of Japan’s upcoming monetary policy decision this week as BoJ officials hinted at the possibility of a rate hike. Such a move would push up Japan’s short-term borrowing costs to 0.5%, the highest level since the 2008 global financial crisis.

S&P 500 (US500) 5,996.66 0 (0%)

Dow Jones (US30) 43,487.83 0 (0%)

DAX (DE40) 20,990.31 +86.92 (+0.42%)

FTSE 100 (UK100) 8,520.54 +15.32 (+0.18%)

USD Index 108.07 (−1.17%)

News feed for: 2025.01.21

UK Average Earnings Index (m/m) at 09:00 (GMT+2);
UK Claimant Count Change (m/m) at 09:00 (GMT+2);
UK Unemployment Rate (m/m) at 09:00 (GMT+2);
Hong Kong Inflation Rate (m/m) at 10:30 (GMT+2);
German ZEW Economic Sentiment (m/m) at 12:00 (GMT+2);
Eurozone ZEW Economic Sentiment (m/m) at 12:00 (GMT+2);
Canada Consumer Price Index (m/m) at 15:30 (GMT+2);
New Zealand Consumer Price Index (m/m) at 23:45 (GMT+2);
World Economic Forum Annual Meeting (Day 2).

By JustMarkets

Economics & Fundamentals Financial News

21 Jan

Japanese Yen Strengthens to a Monthly High as Markets Anticipate a Bank of Japan Rate Hike

By RoboForex Analytical Department

The USD/JPY pair fell to 155.08 on Tuesday, close to the monthly low. The Japanese yen gained strength as speculation grew regarding a potential interest rate hike by the Bank of Japan (BoJ), driven by hawkish commentary from BoJ officials, which increased the likelihood of this action.

Key factors driving yen strength

A possible rate hike would raise Japan’s short-term borrowing costs to 0.5%, the highest level since the 2008 global financial crisis. This decision would align with recent optimism about the economy’s ability to achieve sustainable inflation. Markets also expect the BoJ to revise its core inflation forecast upwards, with confidence growing that wage increases will help maintain the 2% inflation target.

Additionally, Japan’s Finance Minister Katsunobu Kato reiterated the government’s readiness to take measures to support the yen, adding further strength to the currency.

In the broader market context, investors are also evaluating the actions of US President Donald Trump on his first day in office, which included signing several executive orders and discussing plans for trade tariffs. These developments contribute to broader uncertainty, indirectly favouring the yen as a safe-haven currency.

Technical analysis of USD/JPY

On the H4 chart, USD/JPY experienced a pullback from the 156.56 level and is extending its downward wave towards 154.20. After reaching this level, a growth wave back to 156.56 is possible. This USD/JPY forecast is supported by the MACD indicator, with its signal line below zero and pointing downwards.

On the H1 chart, the pair is consolidating near 155.40, with expectations of a downward breakout to 154.20. After hitting this target, a corrective wave to 156.56 (a test from below) is possible. Further development of the downward wave could push the pair to 154.00. The Stochastic oscillator confirms this scenario, with its signal line below 50 and trending sharply downwards.

Conclusion

The strength of the Japanese yen reflects the growing expectations of a BoJ rate hike and supportive government policy. While technical analysis points to a further downside potential for USD/JPY in the short term, the pair’s movement will hinge on the BoJ’s upcoming decisions and broader market dynamics. On the downside, key levels to watch are 154.20 and 154.00, with 156.56 acting as a potential corrective target.

Disclaimer

Financial News Forex and Currency News

19 Jan

COT Metals Charts: Speculator Changes led higher by Gold, Copper & Silver

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 January 14th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Gold, Copper & Silver

The COT metals markets speculator bets were decisively higher this week as five out of the six metals markets we cover had higher positioning while only one market had lower speculator contracts.

Leading the gains for the metals was Gold (24,452 contracts) with Copper (7,568 contracts), Silver (5,132 contracts), Palladium (784 contracts) and Steel (414 contracts) also coming in with positive weeks.

The market with a decline in speculator bets for the week was Platinum with a dip by -2,287 contracts over the period.

Metals Net Speculators Leaderboard

Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)

Strength Scores led by Steel & Gold

On the downside, Palladium (41 percent) comes in at the lowest strength level currently.

Strength Statistics:
Gold (86.3 percent) vs Gold previous week (77.0 percent)
Silver (74.4 percent) vs Silver previous week (67.9 percent)
Copper (44.3 percent) vs Copper previous week (37.2 percent)
Platinum (52.8 percent) vs Platinum previous week (58.2 percent)
Palladium (40.9 percent) vs Palladium previous week (35.2 percent)
Steel (88.0 percent) vs Palladium previous week (86.4 percent)

Gold & Silver top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Gold (7 percent) and Silver (4 percent) lead the past six weeks trends for metals.

Palladium (-20 percent) leads the downside trend scores currently with Platinum (-12 percent) as the next market with lower trend scores.

Move Statistics:
Gold (7.5 percent) vs Gold previous week (1.7 percent)
Silver (3.6 percent) vs Silver previous week (-2.3 percent)
Copper (1.3 percent) vs Copper previous week (-5.3 percent)
Platinum (-11.6 percent) vs Platinum previous week (-1.9 percent)
Palladium (-19.7 percent) vs Palladium previous week (-25.4 percent)
Steel (-0.7 percent) vs Steel previous week (-1.9 percent)

Individual Markets:

Gold Comex Futures:

The Gold Comex Futures large speculator standing this week recorded a net position of 279,363 contracts in the data reported through Tuesday. This was a weekly lift of 24,452 contracts from the previous week which had a total of 254,911 net contracts.

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 86.3 percent. The commercials are Bearish-Extreme with a score of 13.4 percent and the small traders (not shown in chart) are Bullish with a score of 54.3 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

Gold Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	59.4	17.5	9.2
– Percent of Open Interest Shorts:	6.3	74.9	4.8
– Net Position:	279,363	-302,452	23,089
– Gross Longs:	312,568	92,075	48,250
– Gross Shorts:	33,205	394,527	25,161
– Long to Short Ratio:	9.4 to 1	0.2 to 1	1.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	86.3	13.4	54.3
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	7.5	-5.8	-12.4

Silver Comex Futures:

The Silver Comex Futures large speculator standing this week recorded a net position of 46,080 contracts in the data reported through Tuesday. This was a weekly rise of 5,132 contracts from the previous week which had a total of 40,948 net contracts.

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 74.4 percent. The commercials are Bearish with a score of 28.4 percent and the small traders (not shown in chart) are Bearish with a score of 36.4 percent.

Price Trend-Following Model: Strong Downtrend

Our weekly trend-following model classifies the current market price position as: Strong Downtrend.

Silver Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	47.6	21.5	18.0
– Percent of Open Interest Shorts:	16.9	61.2	8.9
– Net Position:	46,080	-59,676	13,596
– Gross Longs:	71,511	32,379	27,024
– Gross Shorts:	25,431	92,055	13,428
– Long to Short Ratio:	2.8 to 1	0.4 to 1	2.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	74.4	28.4	36.4
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	3.6	2.6	-25.1

Copper Grade #1 Futures:

The Copper Grade #1 Futures large speculator standing this week recorded a net position of 11,838 contracts in the data reported through Tuesday. This was a weekly rise of 7,568 contracts from the previous week which had a total of 4,270 net contracts.

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 44.3 percent. The commercials are Bullish with a score of 57.9 percent and the small traders (not shown in chart) are Bearish with a score of 34.1 percent.

Price Trend-Following Model: Weak Downtrend

Our weekly trend-following model classifies the current market price position as: Weak Downtrend.

Copper Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	40.6	36.6	7.4
– Percent of Open Interest Shorts:	35.0	43.5	6.1
– Net Position:	11,838	-14,543	2,705
– Gross Longs:	84,904	76,426	15,377
– Gross Shorts:	73,066	90,969	12,672
– Long to Short Ratio:	1.2 to 1	0.8 to 1	1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	44.3	57.9	34.1
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	1.3	0.2	-9.8

Platinum Futures:

The Platinum Futures large speculator standing this week recorded a net position of 15,560 contracts in the data reported through Tuesday. This was a weekly reduction of -2,287 contracts from the previous week which had a total of 17,847 net contracts.

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 52.8 percent. The commercials are Bearish with a score of 47.3 percent and the small traders (not shown in chart) are Bearish with a score of 37.9 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

Platinum Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	62.8	20.7	12.3
– Percent of Open Interest Shorts:	42.0	47.8	5.9
– Net Position:	15,560	-20,344	4,784
– Gross Longs:	47,098	15,507	9,246
– Gross Shorts:	31,538	35,851	4,462
– Long to Short Ratio:	1.5 to 1	0.4 to 1	2.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	52.8	47.3	37.9
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-11.6	18.8	-54.0

Palladium Futures:

The Palladium Futures large speculator standing this week recorded a net position of -8,330 contracts in the data reported through Tuesday. This was a weekly boost of 784 contracts from the previous week which had a total of -9,114 net contracts.

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 40.9 percent. The commercials are Bullish with a score of 57.5 percent and the small traders (not shown in chart) are Bullish with a score of 73.3 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

Palladium Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	38.6	44.8	11.2
– Percent of Open Interest Shorts:	79.6	7.9	7.2
– Net Position:	-8,330	7,506	824
– Gross Longs:	7,855	9,114	2,279
– Gross Shorts:	16,185	1,608	1,455
– Long to Short Ratio:	0.5 to 1	5.7 to 1	1.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	40.9	57.5	73.3
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-19.7	19.0	1.1

Steel Futures Futures:

The Steel Futures large speculator standing this week recorded a net position of -2,183 contracts in the data reported through Tuesday. This was a weekly lift of 414 contracts from the previous week which had a total of -2,597 net contracts.

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 88.0 percent. The commercials are Bearish-Extreme with a score of 12.7 percent and the small traders (not shown in chart) are Bearish with a score of 39.3 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

Steel Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	26.0	68.0	1.0
– Percent of Open Interest Shorts:	34.0	60.3	0.7
– Net Position:	-2,183	2,120	63
– Gross Longs:	7,148	18,659	263
– Gross Shorts:	9,331	16,539	200
– Long to Short Ratio:	0.8 to 1	1.1 to 1	1.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	88.0	12.7	39.3
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-0.7	0.7	-0.8

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.

COT Updates Financial News Metals

19 Jan

COT Bonds Charts: Weekly Speculator Changes led by 10-Year & 5-Year Bonds

By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) reports data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday January 14th and shows a quick view of how large traders (for-profit speculators and commercial hedgers) were positioned in the futures markets.

Weekly Speculator Changes led by 10-Year & 5-Year Bonds

The COT bond market speculator bets were slightly higher this week as five out of the nine bond markets we cover had higher positioning while the other four markets had lower speculator contracts.

Leading the gains for the bond markets was the 10-Year Bonds (104,511 contracts) with the 5-Year Bonds (23,282 contracts), SOFR 1-Month (18,448 contracts), the US Treasury Bonds (16,879 contracts) and the Ultra Treasury Bonds (4,966 contracts) also recording positive weeks.

The bond markets with declines in speculator bets for the week were the SOFR 3-Months (-280,332 contracts), the 2-Year Bonds (-64,188 contracts), the Fed Funds (-19,504 contracts) and the Ultra 10-Year Bonds (-6,845 contracts) also seeing lower bets on the week.

Bonds Net Speculators Leaderboard

Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)

Strength Scores led by US Treasury Bonds & Ultra Treasury Bonds

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 US Treasury Bonds (84 percent) and the Ultra Treasury Bonds (82 percent) lead the bond markets this week. The SOFR 1-Month (67 percent) comes in as the next highest in the weekly strength scores.

On the downside, the 5-Year Bond (11 percent) and the 2-Year Bonds (15 percent) come in at the lowest strength level currently and are in Extreme-Bearish territory (below 20 percent).

Strength Statistics:
Fed Funds (20.1 percent) vs Fed Funds previous week (23.7 percent)
2-Year Bond (14.9 percent) vs 2-Year Bond previous week (19.1 percent)
5-Year Bond (10.9 percent) vs 5-Year Bond previous week (9.7 percent)
10-Year Bond (54.4 percent) vs 10-Year Bond previous week (44.6 percent)
Ultra 10-Year Bond (37.0 percent) vs Ultra 10-Year Bond previous week (38.8 percent)
US Treasury Bond (83.5 percent) vs US Treasury Bond previous week (77.6 percent)
Ultra US Treasury Bond (81.8 percent) vs Ultra US Treasury Bond previous week (79.9 percent)
SOFR 1-Month (66.6 percent) vs SOFR 1-Month previous week (62.1 percent)
SOFR 3-Months (23.0 percent) vs SOFR 3-Months previous week (37.5 percent)

10-Year Bonds & SOFR 1-Month top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that the 10-Year Bonds (31 percent) and the SOFR 1-Month (27 percent) lead the past six weeks trends for bonds. The US Treasury Bonds (20 percent) are the next highest positive movers in the latest trends data.

The Fed Funds (-29 percent) and the SOFR 3-Months (-10 percent) lead the downside trend scores currently.

Strength Trend Statistics:
Fed Funds (-29.2 percent) vs Fed Funds previous week (-22.6 percent)
2-Year Bond (-3.5 percent) vs 2-Year Bond previous week (2.7 percent)
5-Year Bond (4.4 percent) vs 5-Year Bond previous week (-1.9 percent)
10-Year Bond (30.6 percent) vs 10-Year Bond previous week (24.0 percent)
Ultra 10-Year Bond (6.2 percent) vs Ultra 10-Year Bond previous week (-3.7 percent)
US Treasury Bond (20.5 percent) vs US Treasury Bond previous week (10.7 percent)
Ultra US Treasury Bond (-10.7 percent) vs Ultra US Treasury Bond previous week (-20.1 percent)
SOFR 1-Month (26.9 percent) vs SOFR 1-Month previous week (49.5 percent)
SOFR 3-Months (-9.5 percent) vs SOFR 3-Months previous week (-0.6 percent)

30-Day Federal Funds Futures:

The 30-Day Federal Funds large speculator standing this week equaled a net position of -186,720 contracts in the data reported through Tuesday. This was a weekly fall of -19,504 contracts from the previous week which had a total of -167,216 net contracts.

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 20.1 percent. The commercials are Bullish with a score of 76.7 percent and the small traders (not shown in chart) are Bullish with a score of 77.6 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

30-Day Federal Funds Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	10.5	70.9	2.0
– Percent of Open Interest Shorts:	20.9	60.3	2.2
– Net Position:	-186,720	190,792	-4,072
– Gross Longs:	187,498	1,268,975	35,226
– Gross Shorts:	374,218	1,078,183	39,298
– Long to Short Ratio:	0.5 to 1	1.2 to 1	0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	20.1	76.7	77.6
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-29.2	29.7	-10.2

Secured Overnight Financing Rate (3-Month) Futures:

The Secured Overnight Financing Rate (3-Month) large speculator standing this week equaled a net position of -720,849 contracts in the data reported through Tuesday. This was a weekly decline of -280,332 contracts from the previous week which had a total of -440,517 net contracts.

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 23.0 percent. The commercials are Bullish with a score of 76.6 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 90.5 percent.

Price Trend-Following Model: Weak Uptrend

Our weekly trend-following model classifies the current market price position as: Weak Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.

SOFR 3-Months Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	11.9	61.1	0.2
– Percent of Open Interest Shorts:	18.9	54.1	0.2
– Net Position:	-720,849	716,108	4,741
– Gross Longs:	1,221,391	6,283,050	24,000
– Gross Shorts:	1,942,240	5,566,942	19,259
– Long to Short Ratio:	0.6 to 1	1.1 to 1	1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	23.0	76.6	90.5
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-9.5	8.5	10.9

Individual Bond Markets:

Secured Overnight Financing Rate (1-Month) Futures:

The Secured Overnight Financing Rate (1-Month) large speculator standing this week equaled a net position of -7,524 contracts in the data reported through Tuesday. This was a weekly advance of 18,448 contracts from the previous week which had a total of -25,972 net contracts.

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 66.6 percent. The commercials are Bearish with a score of 33.5 percent and the small traders (not shown in chart) are Bullish with a score of 54.0 percent.

Price Trend-Following Model: Uptrend

Our weekly trend-following model classifies the current market price position as: Uptrend.

SOFR 1-Month Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	24.8	61.3	0.0
– Percent of Open Interest Shorts:	25.3	60.7	0.0
– Net Position:	-7,524	7,757	-233
– Gross Longs:	343,490	849,795	143
– Gross Shorts:	351,014	842,038	376
– Long to Short Ratio:	1.0 to 1	1.0 to 1	0.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	66.6	33.5	54.0
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	26.9	-26.7	-3.0

2-Year Treasury Note Futures:

The 2-Year Treasury Note large speculator standing this week equaled a net position of -1,257,206 contracts in the data reported through Tuesday. This was a weekly fall of -64,188 contracts from the previous week which had a total of -1,193,018 net contracts.

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 14.9 percent. The commercials are Bullish-Extreme with a score of 85.4 percent and the small traders (not shown in chart) are Bullish with a score of 71.7 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

2-Year Treasury Note Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	13.3	76.6	5.9
– Percent of Open Interest Shorts:	42.5	50.0	3.3
– Net Position:	-1,257,206	1,144,456	112,750
– Gross Longs:	570,377	3,295,697	252,707
– Gross Shorts:	1,827,583	2,151,241	139,957
– Long to Short Ratio:	0.3 to 1	1.5 to 1	1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	14.9	85.4	71.7
– Strength Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-3.5	6.3	-8.9

5-Year Treasury Note Futures:

The 5-Year Treasury Note large speculator standing this week equaled a net position of -1,777,621 contracts in the data reported through Tuesday. This was a weekly advance of 23,282 contracts from the previous week which had a total of -1,800,903 net contracts.

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 10.9 percent. The commercials are Bullish-Extreme with a score of 87.8 percent and the small traders (not shown in chart) are Bullish with a score of 73.4 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

5-Year Treasury Note Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	5.9	85.1	6.7
– Percent of Open Interest Shorts:	35.0	57.8	4.9
– Net Position:	-1,777,621	1,669,604	108,017
– Gross Longs:	362,051	5,210,168	407,806
– Gross Shorts:	2,139,672	3,540,564	299,789
– Long to Short Ratio:	0.2 to 1	1.5 to 1	1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	10.9	87.8	73.4
– Strength Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	4.4	-4.6	-2.2

10-Year Treasury Note Futures:

The 10-Year Treasury Note large speculator standing this week equaled a net position of -567,935 contracts in the data reported through Tuesday. This was a weekly boost of 104,511 contracts from the previous week which had a total of -672,446 net contracts.

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 54.4 percent. The commercials are Bearish with a score of 41.0 percent and the small traders (not shown in chart) are Bullish with a score of 77.8 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

10-Year Treasury Note Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	14.4	74.5	9.3
– Percent of Open Interest Shorts:	26.5	63.7	8.1
– Net Position:	-567,935	508,311	59,624
– Gross Longs:	677,811	3,505,753	440,081
– Gross Shorts:	1,245,746	2,997,442	380,457
– Long to Short Ratio:	0.5 to 1	1.2 to 1	1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	54.4	41.0	77.8
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	30.6	-40.9	2.3

Ultra 10-Year Notes Futures:

The Ultra 10-Year Notes large speculator standing this week equaled a net position of -140,232 contracts in the data reported through Tuesday. This was a weekly decrease of -6,845 contracts from the previous week which had a total of -133,387 net contracts.

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 37.0 percent. The commercials are Bearish with a score of 35.7 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 89.3 percent.

Price Trend-Following Model: Weak Uptrend

Our weekly trend-following model classifies the current market price position as: Weak Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.

Ultra 10-Year Notes Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	13.8	74.8	10.5
– Percent of Open Interest Shorts:	20.1	66.8	12.1
– Net Position:	-140,232	177,767	-37,535
– Gross Longs:	306,385	1,660,363	231,947
– Gross Shorts:	446,617	1,482,596	269,482
– Long to Short Ratio:	0.7 to 1	1.1 to 1	0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	37.0	35.7	89.3
– Strength Index Reading (3 Year Range):	Bearish	Bearish	Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	6.2	-14.3	9.8

US Treasury Bonds Futures:

The US Treasury Bonds large speculator standing this week equaled a net position of 52 contracts in the data reported through Tuesday. This was a weekly boost of 16,879 contracts from the previous week which had a total of -16,827 net contracts.

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 83.5 percent. The commercials are Bearish-Extreme with a score of 9.7 percent and the small traders (not shown in chart) are Bullish with a score of 58.0 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

US Treasury Bonds Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	23.4	64.2	11.1
– Percent of Open Interest Shorts:	23.4	67.1	8.1
– Net Position:	52	-56,832	56,780
– Gross Longs:	454,757	1,245,292	214,663
– Gross Shorts:	454,705	1,302,124	157,883
– Long to Short Ratio:	1.0 to 1	1.0 to 1	1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	83.5	9.7	58.0
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	20.5	-15.4	-8.9

Ultra US Treasury Bonds Futures:

The Ultra US Treasury Bonds large speculator standing this week equaled a net position of -242,422 contracts in the data reported through Tuesday. This was a weekly lift of 4,966 contracts from the previous week which had a total of -247,388 net contracts.

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 81.8 percent. The commercials are Bearish with a score of 27.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.0 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

Ultra US Treasury Bonds Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	8.3	81.7	9.6
– Percent of Open Interest Shorts:	21.7	67.8	10.1
– Net Position:	-242,422	250,327	-7,905
– Gross Longs:	149,112	1,471,577	173,518
– Gross Shorts:	391,534	1,221,250	181,423
– Long to Short Ratio:	0.4 to 1	1.2 to 1	1.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	81.8	27.7	0.0
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-10.7	22.2	-29.2

Article By InvestMacro – Receive our weekly COT Newsletter

Bonds COT Updates Financial News

19 Jan

COT Soft Commodities Charts: Weekly Speculator Wagers led by Soybeans & Soybean Oil

By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) reports data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday January 14th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Soybeans & Soybean Oil

The COT soft commodities markets speculator bets were higher this week as seven out of the eleven softs markets we cover had higher positioning while the other four markets had lower speculator contracts.

Leading the gains for the softs markets was Soybeans (64,519 contracts) with Soybean Oil (28,603 contracts), Corn (28,262 contracts), Coffee (8,508 contracts), Live Cattle (4,740 contracts) and Lean Hogs (3,797 contracts) also coming in with a positive week.

The markets with the declines in speculator bets this week were Sugar (-35,665 contracts), Soybean Meal (-3,865 contracts), Cotton (-3,657 contracts), Wheat (-2,735 contracts) and with Cocoa (1,066 contracts) also registering lower bets on the week.

Soft Commodities Net Speculators Leaderboard

Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)

Strength Scores led by Live Cattle & Coffee

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 Live Cattle (100 percent) and Coffee (97 percent) lead the softs markets this week. Lean Hogs (87 percent), Corn (78 percent) and Soybean Oil (60 percent) come in as the next highest in the weekly strength scores.

On the downside, Sugar (6 percent), Cotton (7 percent), Wheat (12 percent) and Soybean Meal (15 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent).

Strength Statistics:
Corn (78.2 percent) vs Corn previous week (74.6 percent)
Sugar (6.4 percent) vs Sugar previous week (19.0 percent)
Coffee (96.7 percent) vs Coffee previous week (88.4 percent)
Soybeans (50.0 percent) vs Soybeans previous week (34.8 percent)
Soybean Oil (60.3 percent) vs Soybean Oil previous week (44.6 percent)
Soybean Meal (15.1 percent) vs Soybean Meal previous week (16.7 percent)
Live Cattle (100.0 percent) vs Live Cattle previous week (95.4 percent)
Lean Hogs (87.0 percent) vs Lean Hogs previous week (84.0 percent)
Cotton (7.0 percent) vs Cotton previous week (9.5 percent)
Cocoa (47.6 percent) vs Cocoa previous week (46.5 percent)
Wheat (11.9 percent) vs Wheat previous week (14.1 percent)

Soybeans & Corn top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Soybeans (27 percent) and Corn (27 percent) lead the past six weeks trends for soft commodities. Live Cattle (25 percent), Coffee (6 percent) and Soybean Oil (4 percent) are the next highest positive movers in the latest trends data.

Sugar (-26 percent) leads the downside trend scores currently with Wheat (-16 percent), Cotton (-15 percent) and Lean Hogs (-12 percent) following next with lower trend scores.

Strength Trend Statistics:
Corn (26.8 percent) vs Corn previous week (23.3 percent)
Sugar (-26.1 percent) vs Sugar previous week (-9.3 percent)
Coffee (5.8 percent) vs Coffee previous week (-6.3 percent)
Soybeans (26.7 percent) vs Soybeans previous week (13.2 percent)
Soybean Oil (4.1 percent) vs Soybean Oil previous week (-16.3 percent)
Soybean Meal (1.6 percent) vs Soybean Meal previous week (4.0 percent)
Live Cattle (25.3 percent) vs Live Cattle previous week (23.9 percent)
Lean Hogs (-11.7 percent) vs Lean Hogs previous week (-6.6 percent)
Cotton (-14.9 percent) vs Cotton previous week (-10.2 percent)
Cocoa (-0.3 percent) vs Cocoa previous week (-3.0 percent)
Wheat (-16.4 percent) vs Wheat previous week (-21.7 percent)

Individual Soft Commodities Markets:

CORN Futures:

The CORN large speculator standing this week was a net position of 348,075 contracts in the data reported through Tuesday. This was a weekly advance of 28,262 contracts from the previous week which had a total of 319,813 net contracts.

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 78.2 percent. The commercials are Bearish with a score of 26.3 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 7.2 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

CORN Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	29.0	43.8	6.3
– Percent of Open Interest Shorts:	10.1	58.6	10.4
– Net Position:	348,075	-272,419	-75,656
– Gross Longs:	534,428	805,779	116,368
– Gross Shorts:	186,353	1,078,198	192,024
– Long to Short Ratio:	2.9 to 1	0.7 to 1	0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	78.2	26.3	7.2
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	26.8	-22.6	-53.6

SUGAR Futures:

The SUGAR large speculator standing this week was a net position of 14,162 contracts in the data reported through Tuesday. This was a weekly reduction of -35,665 contracts from the previous week which had a total of 49,827 net contracts.

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 6.4 percent. The commercials are Bullish-Extreme with a score of 93.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 14.1 percent.

Price Trend-Following Model: Strong Downtrend

Our weekly trend-following model classifies the current market price position as: Strong Downtrend.

SUGAR Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	23.1	54.1	6.6
– Percent of Open Interest Shorts:	21.7	55.2	7.0
– Net Position:	14,162	-9,913	-4,249
– Gross Longs:	228,583	534,962	64,921
– Gross Shorts:	214,421	544,875	69,170
– Long to Short Ratio:	1.1 to 1	1.0 to 1	0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	6.4	93.6	14.1
– Strength Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-26.1	28.3	-31.6

COFFEE Futures:

The COFFEE large speculator standing this week was a net position of 72,642 contracts in the data reported through Tuesday. This was a weekly advance of 8,508 contracts from the previous week which had a total of 64,134 net contracts.

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 96.7 percent. The commercials are Bearish-Extreme with a score of 2.3 percent and the small traders (not shown in chart) are Bullish with a score of 75.3 percent.

Price Trend-Following Model: Uptrend

Our weekly trend-following model classifies the current market price position as: Uptrend.

COFFEE Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	43.1	30.6	5.7
– Percent of Open Interest Shorts:	4.4	71.3	3.7
– Net Position:	72,642	-76,440	3,798
– Gross Longs:	80,944	57,474	10,766
– Gross Shorts:	8,302	133,914	6,968
– Long to Short Ratio:	9.7 to 1	0.4 to 1	1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	96.7	2.3	75.3
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	5.8	-6.4	11.0

SOYBEANS Futures:

The SOYBEANS large speculator standing this week was a net position of 14,518 contracts in the data reported through Tuesday. This was a weekly gain of 64,519 contracts from the previous week which had a total of -50,001 net contracts.

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 50.0 percent. The commercials are Bullish with a score of 53.3 percent and the small traders (not shown in chart) are Bearish with a score of 26.6 percent.

Price Trend-Following Model: Weak Downtrend

Our weekly trend-following model classifies the current market price position as: Weak Downtrend.

SOYBEANS Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	22.5	55.6	4.7
– Percent of Open Interest Shorts:	20.8	53.4	8.7
– Net Position:	14,518	18,411	-32,929
– Gross Longs:	186,047	459,142	38,496
– Gross Shorts:	171,529	440,731	71,425
– Long to Short Ratio:	1.1 to 1	1.0 to 1	0.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	50.0	53.3	26.6
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	26.7	-24.1	-41.1

SOYBEAN OIL Futures:

The SOYBEAN OIL large speculator standing this week was a net position of 34,403 contracts in the data reported through Tuesday. This was a weekly gain of 28,603 contracts from the previous week which had a total of 5,800 net contracts.

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 60.3 percent. The commercials are Bearish with a score of 46.1 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 12.4 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

SOYBEAN OIL Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	23.4	55.0	5.1
– Percent of Open Interest Shorts:	17.3	61.0	5.2
– Net Position:	34,403	-33,971	-432
– Gross Longs:	132,019	310,204	28,665
– Gross Shorts:	97,616	344,175	29,097
– Long to Short Ratio:	1.4 to 1	0.9 to 1	1.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	60.3	46.1	12.4
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	4.1	-0.8	-22.7

SOYBEAN MEAL Futures:

The SOYBEAN MEAL large speculator standing this week was a net position of -30,026 contracts in the data reported through Tuesday. This was a weekly decrease of -3,865 contracts from the previous week which had a total of -26,161 net contracts.

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 15.1 percent. The commercials are Bullish-Extreme with a score of 82.0 percent and the small traders (not shown in chart) are Bearish with a score of 41.8 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

SOYBEAN MEAL Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	17.5	50.0	9.0
– Percent of Open Interest Shorts:	22.9	48.0	5.6
– Net Position:	-30,026	10,882	19,144
– Gross Longs:	97,806	278,713	50,339
– Gross Shorts:	127,832	267,831	31,195
– Long to Short Ratio:	0.8 to 1	1.0 to 1	1.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	15.1	82.0	41.8
– Strength Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	1.6	-0.1	-16.2

LIVE CATTLE Futures:

The LIVE CATTLE large speculator standing this week was a net position of 123,285 contracts in the data reported through Tuesday. This was a weekly rise of 4,740 contracts from the previous week which had a total of 118,545 net contracts.

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 100.0 percent. The commercials are Bearish-Extreme with a score of 4.9 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.0 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

LIVE CATTLE Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	51.9	27.1	7.0
– Percent of Open Interest Shorts:	18.6	53.2	14.2
– Net Position:	123,285	-96,439	-26,846
– Gross Longs:	192,036	100,399	25,870
– Gross Shorts:	68,751	196,838	52,716
– Long to Short Ratio:	2.8 to 1	0.5 to 1	0.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	100.0	4.9	0.0
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	25.3	-28.7	-8.8

LEAN HOGS Futures:

The LEAN HOGS large speculator standing this week was a net position of 76,542 contracts in the data reported through Tuesday. This was a weekly increase of 3,797 contracts from the previous week which had a total of 72,745 net contracts.

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 87.0 percent. The commercials are Bearish-Extreme with a score of 11.7 percent and the small traders (not shown in chart) are Bearish with a score of 34.4 percent.

Price Trend-Following Model: Uptrend

Our weekly trend-following model classifies the current market price position as: Uptrend.

LEAN HOGS Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	43.2	32.7	7.3
– Percent of Open Interest Shorts:	17.7	55.7	9.8
– Net Position:	76,542	-69,200	-7,342
– Gross Longs:	129,741	98,041	21,949
– Gross Shorts:	53,199	167,241	29,291
– Long to Short Ratio:	2.4 to 1	0.6 to 1	0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	87.0	11.7	34.4
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-11.7	11.7	8.8

COTTON Futures:

The COTTON large speculator standing this week was a net position of -35,741 contracts in the data reported through Tuesday. This was a weekly decline of -3,657 contracts from the previous week which had a total of -32,084 net contracts.

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 7.0 percent. The commercials are Bullish-Extreme with a score of 91.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 18.3 percent.

Price Trend-Following Model: Strong Downtrend

Our weekly trend-following model classifies the current market price position as: Strong Downtrend.

COTTON Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	24.7	48.5	5.7
– Percent of Open Interest Shorts:	38.6	34.7	5.6
– Net Position:	-35,741	35,448	293
– Gross Longs:	63,438	124,563	14,607
– Gross Shorts:	99,179	89,115	14,314
– Long to Short Ratio:	0.6 to 1	1.4 to 1	1.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	7.0	91.7	18.3
– Strength Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-14.9	13.5	1.9

COCOA Futures:

The COCOA large speculator standing this week was a net position of 36,860 contracts in the data reported through Tuesday. This was a weekly gain of 1,066 contracts from the previous week which had a total of 35,794 net contracts.

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 47.6 percent. The commercials are Bearish with a score of 49.8 percent and the small traders (not shown in chart) are Bullish with a score of 65.3 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

COCOA Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	39.4	38.6	9.0
– Percent of Open Interest Shorts:	9.9	73.1	4.0
– Net Position:	36,860	-43,101	6,241
– Gross Longs:	49,216	48,250	11,182
– Gross Shorts:	12,356	91,351	4,941
– Long to Short Ratio:	4.0 to 1	0.5 to 1	2.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	47.6	49.8	65.3
– Strength Index Reading (3 Year Range):	Bearish	Bearish	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-0.3	0.5	-1.6

WHEAT Futures:

The WHEAT large speculator standing this week was a net position of -82,209 contracts in the data reported through Tuesday. This was a weekly decrease of -2,735 contracts from the previous week which had a total of -79,474 net contracts.

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 11.9 percent. The commercials are Bullish-Extreme with a score of 84.6 percent and the small traders (not shown in chart) are Bullish with a score of 71.7 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

WHEAT Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	29.2	34.5	7.1
– Percent of Open Interest Shorts:	46.5	17.8	6.6
– Net Position:	-82,209	79,485	2,724
– Gross Longs:	138,772	164,182	33,946
– Gross Shorts:	220,981	84,697	31,222
– Long to Short Ratio:	0.6 to 1	1.9 to 1	1.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	11.9	84.6	71.7
– Strength Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-16.4	10.5	41.8

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COT Updates Financial News Soft Commodities

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