E-mail:    

Speculators cut their gross long yen position by 14.4k contracts to 79.4k.  The shorts were not emboldened.  They added 4.4k contracts, raising the gross short position to 33.9k contracts. 

The doubts about the dollar's outlook was reflected more by speculators reducing short foreign currency exposure.  Speculators covered the short position in all the currency futures we track save the Japanese yen.   Speculators mostly (five of eight) added to long positions.  However, the three that experience long liquidation saw it in size.  The three currencies that the speculators reduced long exposure, we have already identified:  euro, yen, and the Australian dollar.

Speculators hardly changed their position in the US 10-year Treasury note futures.  The longs trimmed their gross long position by 9.4k contracts (to 501.2k).  The short covered 6.4k contracts (to 436.1k).  These adjustment pushed the net position to 65.1k contracts from 68.1k.

Speculators were emboldened by developments in the oil market.  The net long position rose by a little more than 10% to nearly 270k contracts.  This was a function of 8.8k more long contracts (to 5444.k) and a 16.8k reduction of short contracts (to 274.6k).

 

15-Mar

Commitment of Traders

 

Net

Prior

Gross Long

Change

Gross Short

Change

Euro

-77.6

-71.9

90.4

-13.8

167.9

-8.2

Yen

45.5

64.3

79.4

-14.4

33.9

4.4

Sterling

-13.6

-49.0

62.9

33.5

76.5

-1.9

Swiss Franc

5.3

-0.1

22.6

2.9

17.4

-2.5

C$

-16.8

-25.8

31.6

1.0

48.4

-7.9

A$

12.8

29.2

61.5

-24.6

48.8

-8.2

NZ$

1.3

-2.0

20.5

0.1

19.2

-3.2

Mexican Peso

-45.0

-57.6

23.0

2.6

68.1

-9.9

(CFTC, Bloomberg) Speculative positions in 000's of contracts


Marc Chandler
Global head of currency strategy at BBH
Marc to Market

<<Previous