The Currency Report

The Currency Report

By Paul Kavanaugh

Large Currency Specs increased short bets in all major currency futures this report tracks, while adding to already long US dollar positions, latest CFTC data shows…

Euro Chart

Charts courtesy of PhotonTrader/FuturePath Trading, LLC

(Commitments of Traders Data)

CFTC data released Friday November 20 shows IMM currency large speculators added to massive net short positions in Euro as well as all other currencies in this report, while also adding to long US dollar positions.  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 sharp 58.33% increase from 17,907 to 28,352 contracts net short of the Canadian Dollar, which represents 7.37% of open interest;

A sizable 64.65% increase from 9,310 to 15,329 contracts net short of the Swiss Franc, which represents 13.87% of open interest;

A strong 60.18% increase from 15,770 to 25,260 contracts net short of the British Pound, which represents 5.41% of open interest;

An important 23.05% increase from 63,888 to 78,611 contracts net short of the Japanese Yen, which represents 5.88% of open interest;

A building 14.86% increase from 142,939 to 164,177 contracts net short of the Euro, which represents 4.86% of open interest;

A solid 26.02% increase from 52,740 to 66,464 contracts net short of the Australian Dollar, which represents 8.47% of open interest;

A small 6.26 increase from 43,784 to 46,527 contracts net long of the US Dollar Index, which represents 3.05% of open interest;


Good Trading,

Paul Kavanaugh

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There is a substantial risk of loss in trading futures and options. Futures, options and foreign exchange trading are not appropriate for all investors.  Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities.  FuturePath Trading, LLC, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.


Paul Kavanaugh

About Paul Kavanaugh

Paul Kavanaugh has been active in the commodity markets as an NFA member for 24 years. He specializes in working with clients by providing innovative personalized value-added services. His guidance with regards to risk management has attracted large commercial hedgers. His 2 1/2 decades of experience in navigating commodity bull and bear markets and extremes in volatility, while maintaining an even keel temperament, has made him an appreciated right hand man to select CTAs and professional traders. Paul’s early apprenticeship with one of the more renowned pioneers of systems development and seasonal work landed him position as Senior Analyst for one of the world’s largest clearing firms at the time. His published currency analysis achieved a remarkably broad following. He then branched out to supporting traders through brokerage services, often 24 hours round the clock. Paul has been happy to share his knowledge with new clients. His warm-hearted enthusiasm for both the markets and people provides an old school blend missing in today’s hard and fast world of electronic trading. At the same time, his current affiliation with the long established Independent Brokerage Firm, FuturePath Trading, LLC, allows him to offer clients the resources of multiple Clearing firms and execution platforms. Paul received his degree in Economics from Albion College in Michigan. He has been a frequent contributor to CBS, CNBC, and the WSJ over the years.