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COT Report: Analysis and Talking Points

  • USD Bullish Positions cut to $32.1bln
  • CHF Shorts are Squeezed
  • CAD Longs Increase on Improving Data

The Predictive Power of the CoT Report

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Source: CFTC, DailyFX (Covers up to June 11th, released June 14th)

US Dollar Outlook Less Bullish, CHF Shorts Cut - COT Update

Speculative positioning in the USD had been cut by above $2.5bln vs G10 currencies to $32.1bln. However, with that said, weekly changes in the majors (EUR, GBP & JPY) had been relatively muted. The increase in risk averse sentiment saw a short squeeze in CHF with net short bets being cut by over $1.4bln, as such, short positions now outnumber longs by 6.5:1 (Prev. 8.9:1)

Elsewhere, across commodity currencies, bearish sentiment in the Canadian Dollar eased as speculators took comfort from the recent improvement in Canadian data. Consequently, gross longs had been added, resulting in a $646mln reduction in net shorts. Little change seen both the Aussie or Kiwi.

US Dollar

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EURUSD

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GBPUSD

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USDJPY

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USDCHF

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USDCAD

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AUDUSD

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NZDUSD

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KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX