US Dollar Speculators Pared Bullish Positions Last Week, Euro Bets Rise

Overall changes on the week for the major currencies showed that large speculators increased their bets last week in favor of the euro, Australian dollar and the New Zealand dollar while decreasing weekly bets for the British pound sterling, Japanese yen, Swiss franc, Canadian dollar and the Mexican Peso.

Notable changes on the week for the Major Currencies:

• Euro positions rebounded a bit last week (+15,128 contracts) after five weeks of decline. It was the best weekly gain for eurofx positions since September. The EUR/USD exchange rate gravitated around the 1.2500 level last week and managed to end the week slightly above there

• British pound sterling positions fell for a 6th week and to the most bearish level since September of 2013. The GBP/USD spot exchange rate ended the week sharply lower with a lower weekly close for a 4th week and below the 1.5700 level

• Japanese yen bets declined last week for a second week and to the lowest level in five weeks. The USDJPY exchange rate continued to gain for a 4th week and ended the week over the 116 level

• Swiss franc bearish bets increased last week by -2,454 contracts and the franc positions (-22,675) are at their lowest level since June 2013. The USD/CHF pair closed the week slightly lower by -0.71% after 3 weeks of gains

• Canadian dollar positions edged lower last week after 2 weeks of rises with positions remaining around the -20,000 level. The USD/CAD exchange rate ended the week slightly lower (-0.34%) with the rate just below the 1.1300 major level

• Australian dollar net positions edged very slightly higher after nine weeks of decline with net positions just below -40,000 contracts. The AUDUSD finished the week stronger (+1.30%) with the exchange rate near the 0.8750 level

• New Zealand dollar net positions rose higher last week (+3,120 contracts) although the net position remains bearish overall for a 6th week. The NZD/USD exchange rate ended the week sharply higher (+1.99%) and just above the 0.7900 level

• Mexican peso bearish positions rose last week (-3,084 contracts) as the peso speculator positions have been on the bearish side now for seven straight weeks just below the -30,000 level. The USD/MXN exchange rate ended the week close to unchanged and near the 13.5000 level

This latest COT data is through Tuesday November 11th and shows a quick view of how large speculators and for-profit traders (non-commercials) were positioned in the futures markets. All currency positions are in direct relation to the US dollar where, for example, a bet for the euro is a bet that the euro will rise versus the dollar while a bet against the euro will be a bet that the dollar will gain versus the euro.

Please see the individual currency charts and their respective data points below.

EuroFX: