Large Currency Speculators reversed to net long positions in Japanese Yen, while mildly trimming net shorts in Pound, Euro, Canadian and Australian dollar positions, latest CFTC data shows…
(Commitments of Traders Data)
CFTC data released Friday January 8, 2016 shows large currency speculators reversed to net long positions in Japanese Yen, while mildly trimming net shorts in Pound, Euro, Canadian and Australian dollar positions. This highlights one of the main goals of this report; which is to keep an eye on what large speculators are doing over the longer term with their positions, with the assumption that they large speculators are positioning in the direction of the longer term trend.
The existing and building net short positions in commodity currencies like the Canadian dollar suggest the weakness in the commodity sector will continue over the near term in my opinion. The reversal to long Yen net positons is important to follow as it may reflect large speculators are positioning for further gains in the US dollar in yen terms, (in other words, higher yen futures).
The most recent Commitments of Traders data shows some significant percentage changes in non-commercial futures only net positions from the prior week including the following:
A minor 1.05% decrease from 60,787 to 60,130 contracts net short of the Canadian dollar, which represents 1.05% of open interest;
A tiny 1.57% increase from 3,564 to 3620 contracts net long of the Swiss Franc, which represents 0.11% of open interest;
A small 1.70% decrease from 31,022 to 30,496 contracts net short of the British Pound, which represents 0.24% of open interest;
A key 123.82% reversal from short 17,226 to long 4,103 contracts of the Japanese Yen, which represents 9.66% of open interest;
A holding 1.19% decrease from 160,550 to 158,643 contracts net short of the Euro, which represents 0.47% of open interest;
A sizable 21.577% decrease from 17,545 to 13,761 contracts net short of the Australian Dollar, which represents 3.82% of open interest;
A significant 21.10% increase from 33,615 to 40,707 contracts net long of the US Dollar Index, which represents 9.53% of open interest;
For those interested in the Stock Indices, it may be of interest that over the same period large speculators increased their net short positions in E-Mini S&P 500 Stock Index by 7.22% from 97,162 to 104,171 contracts. Contact me directly for more information.
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