Never miss a story from Justin McQueen

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Justin McQueen

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

COT Report: Analysis and Talking Points

  • Large Addition to JPY Net Shorts Boost Aggregate USD Long Positioning
  • Speculators Net Long on GBP for the First Time Since June 2018

The Predictive Power of the CoT Report

COT REPORT: G10 CURRENCIES

Source: CFTC, DailyFX (Covers up to April 16th, released April 19th)

Large Addition to JPY Net Shorts Boost Aggregate USD Long Positioning

Bullish bets in the USD rose by $1bln after a sizeable increase in net short positioning by $1.7bln in JPY net shorts. Elsewhere, bearish bets on the Euro eased slightly as speculators added to its gross long positions, however, both the Euro and Japanese Yen remain the largest net shorts in the G10 space.

GBP net positioning have switched to net long for the first time since June 2018 with gross longs at the highest since September 2018. Much of this short squeeze had been fueled by the reduced risks of the UK leaving the EU without an agreement. However, with that said, gains for the Pound could be somewhat limited given that the currency is unlikely to find much relief from a potential short squeeze.

Commodity Currencies (CAD, AUD, NZD): Positioning in the Kiwi remains relatively neutral, although with expectations on the rise for a RBNZ rate cut, bearish bets on NZDUSD may rise in the near-term. Elsewhere, AUD shorts have eased amid the pick-up in Chinese data, which in turn favours further upside in AUDNZD.

US Dollar

Please add a description for the image.

EURUSD

Please add a description for the image.Please add a description for the image.

GBPUSD

Please add a description for the image.Please add a description for the image.

USDJPY

Please add a description for the image.Please add a description for the image.

USDCHF

Please add a description for the image.Please add a description for the image.

USDCAD

Please add a description for the image.Please add a description for the image.

AUDUSD

Please add a description for the image.Please add a description for the image.

NZDUSD

Please add a description for the image.Please add a description for the image.

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX