US Dollar Index Speculators Dropped Bets For 2nd Week. Mexican Peso Bets Decline


US Dollar Index Speculator Positions

Large currency speculators decreased their bullish net positions in the US Dollar Index futures markets this week, 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 23,989 contracts in the data reported through Tuesday June 11th. This was a weekly reduction of -2,245 contracts from the previous week which had a total of 26,234 net contracts.

This week’s net position was the result of the gross bullish position lowering by -2,463 contracts (to a weekly total of 36,885 contracts) while the gross bearish position dipped by -218 contracts for the week (to a total of 12,896 contracts).

US Dollar Index speculative positions fell for a second straight week and brought the bullish standing to the lowest level since July 17th of 2018, a span of 48 weeks. The trend for speculator positions has continued to point downward after reaching a high of 40,513 contracts on January 13th. This week marks the thirteenth straight week of net positions under the +30,000 contract threshold.

Individual Currencies Data this week:

In the other major currency contracts data, we had two substantial changes (+ or – 10,000 contracts) in the speculators category this week.

Mexican peso positions fell sharply again this week and have now decreased for four straight weeks as well as seven out of the past eight weeks. Peso bullish bets had climbed to an all-time record high position of +156,030 contracts on April 16th before starting their retreat. The net position has dropped by -46,892 contracts over the past four weeks and is now down to a net standing of +101,315 contracts. The spec position remains still very bullish but has clearly lost momentum.

Swiss franc speculators strongly pared back on their bearish bets this week by +11,277 contracts. This was the third time in the past four weeks that CHF bets have improved. The franc speculator position has been consistently in bearish territory and has remained there since August 1st of 2017 which is a span of 97 straight weeks.

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Ayelet Wolf 8 months ago Member's comment