Good Weekly Start;
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 slightly added to their bullish bets for the US dollar last week following two weekly declines.
Non-commercial large futures traders, including hedge funds and large speculators, had an overall US dollar long position totaling $15.04 billion as of Tuesday April 11th, according to the latest data from the CFTC and dollar amount calculations by Reuters. This was a weekly gain of $0.37 billion from the $14.67 billion total long position that was registered on April 4th, according to the Reuters calculation (totals of the US dollar contracts against the combined contracts of the euro, British pound, Japanese yen, Australian dollar, Canadian dollar and the Swiss franc).
Dollar speculators pushed their dollar bets a little over the $15 billion dollar level after falling below that the previous week. The aggregate dollar position has stayed in a relatively tight range since falling below the $20 billion level in January with the dollar bets staying in the recent range of between $13.01 billion (low) and $18.47 (high)
.Δ Weekly Speculator Contract Changes:
The major currencies that improved against the US dollar last week were just the Japanese yen (11,036 weekly change in contracts) and the Swiss franc (3,697 contracts).
The currencies whose speculative bets declined last week versus the dollar were the euro (-7,551 weekly change in contracts), British pound sterling (-6,228 contracts), Canadian dollar (-2,109 contracts), Australian dollar (-4,442 contracts), New Zealand dollar (-429 contracts) and the Mexican peso (-2,987 contracts).
Here is a short summary.
This week’s COT results showed that Speculators just slightly raised their bullish bets of the US dollar last week after two weeks of declining bets. USD bets remain in tight range of between $13.01 billion (low) and $18.47 (high).
WTI Crude speculators sharply boosted bullish bets for the second week and over the +400,000 contract level for a second straight week.
The 10-year note speculators added to their bearish bets for the first time in six weeks. Speculators had previously pushed bearish bets to a record high short position on February 28th
Gold speculators sharply increased their bullish bets higher for a 4th week while Silver bets gained again for a third week and to a new record high bullish position.
Copper saw speculative bets continue lower for the 9th out of the last 10 weeks.
S&P500 speculators reduced their bullish bets in S&P500 futures for a second week.