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COT Report: Analysis and Talking Points

The Predictive Power of the CoT Report

COT report

Source: CFTC, DailyFX (Covers up to August 6th, released August 9th)

GBP Bearish Bets Near Record, JPY Positions Flips Bullish - COT Update

The latest CFTC positioning data shows US Dollar long bets scaled back by $2bln vs G10 currencies with notable changes observed in the Euro and Japanese Yen. The latter flipped to bullish positions for the first time since June 2018 with speculators now most bullish since November 2016, following a $1.7bln swing.

Elsewhere, speculators continued to build bearish positions in the Pound, which now equates to $7.8bln, slightly shy of the March 2017 record of $8.4bln. However, as no-deal Brexit risks continue to mount, there is little to suggest that short positions will not be added.

A sizeable squeeze in Euro short positions, which had been cut by $1.36bln to $6.16bln, while speculators continue to extend its bullish positioning in the Canadian Dollar, now at $1.82bln.

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