Technical Analysis Summary

The commitment of traders (COT) report shows how large speculators are positioned across futures markets on the CME exchange.

USD Positioning

• Futures traders increased their net-short USD exposure by 8.4 billion to -17.4 billion net short.
• Large speculators increased their net-long exposure to US dollar index futures to their highest level since December.

JPY Positioning

• Large speculators increased their net-long exposure to yen futures for a fourth week, and asset managers for a third.
• Gross longs are picking up while shorts are decreased, showing a cautiously bullish sentiment.

EUR/USD Positioning

• Both large speculators and asset managers increased their net-long exposure to EUR/USD futures to 34 and 30-week highs respectively.
• Gross-long exposure was trimmed, but short exposure was trimmed at a faster pace, pushing net-long exposure higher.

Commodity FX Positioning

• Traders were close to flipping to net-long exposure to NZD/USD futures.
• Diminishing short exposure was seen against CAD and AUD.

Metals Positioning

• Both large speculators and asset managers trimmed their net-long exposure to gold, silver, and copper futures ahead of the NFP report.
• Gold held its own despite closing the week lower, but there is a chance of a flip to net-short exposure to copper futures.

Wall Street Indices Positioning

• Asset managers reduced their net-long exposure to Nasdaq futures to their least bullish level since November.
• Both large speculators and asset managers reduced long and short exposure to Dow Jones futures.
• Asset managers remained defiantly long S&P 500 futures, and large speculators increased gross-long exposure.