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CFTC Commitments of Traders (COT) Report, published Friday 22 February 2013*. Speculators' aggregate net position, in the eight futures contracts we cover, flipped to the long side of the USD in the latest period. In the prior report, the specs net position was 31,704 contracts short. The position in this week’s report shows him long 30,552 contracts.
* A report issued by the Commodity Futures Trading Commission detailing the commitments that traders have made for various futures contracts in the futures market. This weekly report is typically issued every Friday at 03:30pm Eastern Standard Time reflecting the commitments of the previous week up to the Tuesday of the week the report was released on. Futures traders can gauge volumes of a future with the COT as futures contracts are not traded on any exchanges and volume trading information is not immediately available.
There was net buying of the USD in all contracts except the NZ$. We do not wish to imply that specs are long the USD against all other contracts. Rather we are saying that any USD short positions have been reduced. There was an increase in USD longs in the DI, the pound and the yen.
Speculators flipping positions is an uncommon event. For the last ten weeks the market had been short the USD. In the last seventeen months there have been only four position changes.
The British pound was hit hard by speculative selling in the period, and it looks like there has been further selling after the COT report’s Tuesday cut-off.
It is interesting to note, despite persistent selling in the Australian Dollar, that the currency stopped the slide. The open interest has gone down as speculators’ longs have peeled out of 50K long contracts. Last week, the spec longs dumped 11.2K contracts.
The COT Report reflects a condensed version of currency traders collective market votes as derived from the U.S. Commodity Futures Trading Commission’s weekly data output. Any opinions, news, research, analyses, prices, or other information contained in this discussion post are provided as general market commentary, and do not constitute investment advice from CashBackForex and/or CashBackForexUSA