Speculators Add To US Dollar Index, Japanese Yen Bullish Bets While Euro, GBP Bets Fall

US Dollar Index Speculator Positions

Large currency speculators continued to raise their net bullish positions in the US Dollar Index futures markets this week while speculators also boosted their Japanese yen positions, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 32,032 contracts in the data reported through Tuesday, September 10. This was a weekly gain of 296 contracts from the previous week which had a total of 31,736 net contracts.

This week’s net position was the result of the gross bullish position (longs) dropping by -4,927 contracts (to a weekly total of 49,483 contracts) compared to the gross bearish position (shorts) which saw a decrease by -5,223 contracts on the week (to a total of 17,451 contracts).

US Dollar Index bullish bets edged higher for a third straight week and have now risen in nine out of the past eleven weeks. This week’s gain brings the USD Index position to the most bullish level in twenty-six weeks dating back to the middle of March.

Individual Currencies Data this week

In the all major currency contracts data, the currencies that saw improving speculator positions this week were the US dollar index (296 weekly change in contracts), Japanese yen (4,909 contracts), Swiss franc (2,947 contracts), Canadian dollar (6,174 contracts), Australian dollar (6,304 contracts), New Zealand dollar (886 contracts) and the Mexican peso (3,846 contracts).

The currencies whose speculative bets declined this week were the euro (-706 weekly change in contracts) and the British pound sterling (-7,274 contracts).

Notables for the week:

Japanese yen bullish bets rose this week after a down week and are now higher for the seventh time in the past eight weeks. Sentiment for the JPY has turned for the positive after reaching the low of the year on April 30th at a total of -99,599 net contracts. Since that low, positions have improved by a total of +132,190 contracts and turned bullish on August 6th.

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