Large Currency Speculators cut back on US Dollar bullish bets for 5th Week

By CountingPips.com

Large Speculator bullish bets fall to $10.56 billion on March 11th

The latest data for the weekly Commitments of Traders (COT) report, released by the Commodity Futures Trading Commission (CFTC) on Friday, showed that large traders and futures speculators decreased their bullish positions of the US dollar for a fifth straight week through March 11th.

Non-commercial large futures traders, including hedge funds and large International Monetary Market speculators, had an overall US dollar long position totaling $10.56 billion as of Tuesday March 11th, according to the latest data from the CFTC and Reuters. This was a weekly change of -$1.04 billion from the $11.60 billion total bullish position that was registered on March 4th, according to the calculations by Reuters that totals the US dollar contracts against the combined contracts of the euro, British pound, Japanese yen, Australian dollar, Canadian dollar and the Swiss franc.

The five weeks of decline has pushed the US dollar aggregate position to a new low level since November 5th 2013 when the overall bullish position totaled just $7.02 billion.

Net Contract Standings for the week:

Individual Currencies – Large Speculator Weekly changes:

The non-commercial net positions for each of the individual currencies directly against the US dollar showed weekly gains for the euro, Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar and the Mexican peso while there were weekly declines for the British pound sterling and the Japanese yen. See charts & data below.

Individual Currency Charts: Large & Small Speculator Positions vs Spot Price

EuroFX:

Last Six Weeks data for EuroFX futures

British Pound Sterling:

Last Six Weeks data for Pound Sterling futures

Japanese Yen:

Last Six Weeks data for Yen Futures

Swiss Franc:

Last Six Weeks data for Franc futures

Canadian Dollar:

Last Six Weeks data for Canadian dollar futures

Australian Dollar:

Last Six Weeks data for Australian dollar futures

New Zealand Dollar:

Last Six Weeks data for New Zealand dollar futures

Mexican Peso:

Last Six Weeks data for Mexican Peso futures

*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading 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).

The Commitment of Traders report is published every Friday by the Commodity Futures Trading Commission (CFTC) and shows futures positions data that was reported as of the previous Tuesday (3 days behind).

Each currency contract is a quote for that currency directly against the U.S. dollar, a net short amount of contracts means that more speculators are betting that currency to fall against the dollar and a net long position expect that currency to rise versus the dollar.

(The graphs overlay the forex spot closing price of each Tuesday when COT trader positions are reported for each corresponding spot currency pair.)

See more information and explanation on the weekly COT report from the CFTC website.

Article by CountingPips.com – Forex Apps & News