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Currency Analyst since 2010

CFTC: speculators cut USD longs

Here are the essentials of the latest Commitments of Traders (COT) report, released on August 9 by the Commodity Futures Trading Commission (CFTC) for a week ended on August 6.

The value of the dollar’s net long position declined from $24.45B in a week ended July 30 to $21.62B on a week ended August 6. Large speculators have been reducing long USD bets for the third consecutive week. They mostly cut short bets on almost all the currencies except AUD and NZD.

EUR. Market players turned long on EUR: there were 6K net long contracts compared to 8.5K net shorts in the previous week.

GBP.  Net shorts continue their slow decline. 

JPY. JPY net shorts declined by 2K.  

CHF. CHF net shorts are now less than 1K contracts.

CAD. CAD net shorts kept contracting for a fifth week in a row. This time there was a small decline by 1K.

AUD. AUD net shorts increased by 4K contracts to 77K. 

NZD. NZD net shorts increased to 1.5K.

It’s necessary to note that the figures cited above are always a week old at the time of their release. Never the less, CFTC data gives a good oversight into how the market is positioned and if/how these positions are being unwound. Although the CME speculators represent a small fraction of trading in the currency markets, their trades are widely seen as typical of hedge fund investors' currency movements. 

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