Forex The latest reporting week captured the market’s response to the resumption of US rate cuts, a well-anticipated move that left the dollar index up around 0.6% as of last Tuesday. All eight IMM futures tracked in this update traded lower, led by weakness in NZD, AUD and GBP. However,
COT Report
Commodities In the week to August 5, several major developments drove positioning changes across key commodities. Trump’s abrupt reversal on copper tariffs triggered a 22% slump in New York prices, prompting funds to halve their HG copper net long. In energy, OPEC+’s continued production increases—potentially into a softening demand period—pressured crude oil, while fading
Speculators raise dollar short to four-year high In forex, speculative flows in the week to 24 June – when the Dollar index dropped 1% to trade near a March 2022 low – continued to favour dollar selling, with the gross short position against eight IMM futures contracts rising 8% to USD 20.3 billion — marking […]
Speculators ramp up dollar shorts as DXY hits three-year low In the latest reporting week to 10 June, the US Dollar Index (DXY) extended its slide to a fresh three-year low, prompting a marked shift in speculative positioning. According to CFTC data, non-commercial traders increased their gross USD short positions against the eight major IMM […]
Forex In the latest reporting week to 3 June, the period saw the USD trade broadly weaker. Speculators nevertheless responded by reducing their overall short USD position versus the eight IMM FX futures contracts by 8%, to USD 12.2 billion. At the individual currency level, buying of EUR and MXN was more than offset by […]
Geopolitical and tariff tensions spark strong weekly start for commodities The commodities sector has started the week with strong gains, led by energy and metals—both precious and industrial—in response to heightened geopolitical and tariff tensions. These developments follow a weekend that saw Ukraine launch a spectacular assault on several of Russia’s strategic
Commodities The latest COT reporting week to 20 May captured the aftermath of the announced 90-day US–China trade truce, which included a temporary reduction in tariffs. While the news supported additional gains across global stock markets and renewed USD weakness, the commodities sector traded in a very mixed fashion—resulting in a 1% drop in the […]
Forex: COT on forex covering the week to 6 May showed continued, albeit much reduced, USD selling appetite, with the net short against eight IMM futures seeing a small increase to USD 17.3 billion—a fresh eight-month high. In general, activity was relatively light compared with recent weeks, with the most notable activity being demand for […]
Forex: COT on forex covering the week to 29 April showed that, despite some emerging USD strength, the dollar-selling theme remained intact, with speculators lifting the gross USD short versus eight IMM futures to an eight-month high of USD 17.1 billion. While selling was broad, the main driver was renewed EURUSD buying, which increased the […]
CommoditiesThe latest reporting week ended just ahead of last Wednesday when Trump’s aggressive tariff announcement sent global markets, including commodities, into a major downward spiral on increased expectations that the president’s announcements would trigger a global recession, leading to major repricing of demand expectations. In the days that followed,
Commodities: Despite a 1.3% rebound in the Bloomberg Commodity Index, hedge funds continued their third consecutive week of net selling, still reacting to the late-February correction that saw the index drop 4.6% before recovering. The total net long across 27 major futures contracts has declined by 44% during this time after hitting a 2-1/2-year high, […]
Commodities: A second week of broad and accelerated risk aversion and rising volatility saw all sectors and most contracts covered in this update being exposed to net selling. This occurred during a reporting week that, despite a weaker dollar, saw the Bloomberg Commodities Index drop 1.4% as hedge funds lowered their overall exposure amid rising […]
Commodities: Broad selling emerged across the commodities sector in the reporting period to 25 February, a week that, following a period of solid gains, saw the Bloomberg Commodity Index give back almost 2%. All sectors traded lower, with the agriculture sector particularly hard hit, while also the energy, precious, and industrial metal sectors were left […]
Commodities: Following several weeks of widespread buying across most commodities and sectors, hedge funds began to exhibit signs of caution, adopting a more selective approach during the week leading up to 18 February. This period saw the Bloomberg Commodity Index climbing by 1.6% to reach a new 17-month high, buoyed by gains across all sectors […]
Markets react to Trump’s tariff announcement Financial markets are trading relatively calmly in early Monday sessions after President Trump followed through on his threat to impose tariffs on the United States’ biggest trading partners, including China, over the weekend. He also threatened tariffs against the EU. Two opinion pieces in The Wall Street Journal and […]
Forex: In forex, speculators responded to emerging USD weakness by turning net sellers of the greenback for the first time in seven weeks. Overall, however, the response to the 1.1% drop in the Dollar Index was mixed, with light net selling of EUR, CHF, and GBP being more than offset by heavy buying of JPY […]
Forex: In forex, speculators responded to another week of broad dollar strength by lifting their dollar long versus eight IMM futures to a fresh six-year high at USD 36 billion. Except for a second week of short covering in EUR where both long and short positions were reduced, and profit taking on CAD and NZD […]
Forex: In forex, speculators ended the year holding a USD 32.3 billion net long USD position versus eight IMM futures contracts and the DXY. Apart from a brief peak last April, this was the biggest bet on a stronger dollar since mid-2019. This helps explain the sudden burst of dollar selling on Monday following a […]



















