Speculators cut US Dollar net positions for 4th week,
Canadian & Australian dollar bets rise.
The latest data for the weekly Commitment of Traders (COT) report, released by the Commodity Futures Trading Commission (CFTC) on Friday, showed that large traders and currency speculators decreased their aggregate futures positions in the US dollar last week for a fourth straight week. Large speculator contracts for the Canadian dollar and Australian dollar rose the most last week while euro and Japanese yen positions both increased for a second week.
Non-commercial large futures traders, including hedge funds and large speculators, had an aggregate US dollar long position totaling $4.65 billion as of Tuesday March 29th, according to the latest data from the CFTC and dollar amount calculations by Reuters. This was a weekly change of -$1.26 billion from the $5.91 billion total long position that was registered on March 22nd, according to the Reuters calculation 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 US dollar speculative position is now at its lowest level since May 13th 2014 when total positions equaled $4.51 billion.
Weekly Speculator Contract Changes:
Last week’s data showed that the biggest movers on the positive side were the Canadian dollar (+8,829 contracts) and the Australian dollar (+5,436 contracts). Canadian dollar positions have now improved for nine consecutive weeks and have come back from a strongly bearish position (-66,819 net contracts on January 26th) to a slightly bearish current level at -6,180 net contracts. The Australian dollar speculative positions gained for a second week and have now been on the long side since February 16th.
Other currencies last week showing speculative positioning gains were the euro (+2,242 change in weekly contracts), Japanese yen (+1,041 contracts), Swiss franc (+461 contracts), New Zealand dollar (+857 contracts) and the Mexican Peso (+4,900 contracts).
The only currency whose speculative net positions fell last week was the British pound sterling (-2,305 change in weekly contracts).