Forex Speculators cut back on US Dollar bullish bets last week

05/04/2015 10:03 AST

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 cut back on their net bullish positions for the US dollar last week. All the major currencies saw a boost in speculative positions against the US dollar on the week except the euro while the Swiss franc and the New Zealand dollar saw their positions turn bullish.

Non-commercial large futures traders, including hedge funds and large speculators, decreased their overall net speculative contracts last week to a total of +366,640 contracts as of Tuesday March 31st. This was a weekly change of -45,730 contracts from the total of +412,370 contracts as of Tuesday March 24th.

This total US dollar contracts calculation is derived by adding the sum of each individual currencies net position versus the dollar. Currency contracts used in the calculation are the euro, British pound, Japanese yen, Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar and the Mexican peso.

The drop in the total US dollar contracts was the biggest weekly decrease since December 16th 2014 when weekly bullish positions fell by -61,880 contracts while the current USD position is also at its lowest level since December.


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