Article / 12 March 2018 at 8:11 GMT

COT: Forex traders in reduction mode with focus on JPY, CHF

Head of Commodity Strategy / Saxo Bank
  • JPY, CHF bought in week to March 6
  • VIX sees major increase in short, long positions
  • Equities net-short cut by 45%

CHF saw buying interest in the week to March 6 along with the yen. Photo: Shutterstock

By Ole Hansen

In the week to March 6 speculators were in position reduction mode, with the net change across most of the nine IMM currency futures moving in the opposite direction of the prevailing position. 

The overall dollar position was left unchanged with JPY and CHF being bought while most others were sold.

Speculative IMM currency positioning

Speculative IMM currency positioning


Leveraged funds reduced their short duration across the US yield curve with buying from Fed Funds to US 10-years and T-bonds Ultra more than offsetting selling of 10-year Ultra and T-bonds.

In equities, leveraged funds were buyers across the board with the total value of the net-short position being cut by 45%.

The VIX saw major increases in both short and especially long positions. This resulted in the net-long more than doubling to 77k lots, a four week high.

– Edited by Michael McKenna
Ole Hansen is head of commodity strategy at Saxo Bank
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COT: Non-commercial IMM currency position

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COT on bonds and stock index futures


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