FX Futures Positioning: USD, EUR, GBP, JPY | COT Report Summary
By Matt Simpson, Market Analyst
Date: 15/03/2026
Overview
The latest Commitment of Traders (COT) data reveals significant shifts in FX futures positioning influenced by geopolitical tensions and varying central bank outlooks. Traders have been reducing their exposure to the US dollar while simultaneously adjusting their positions in the euro, British pound, and Japanese yen.
Key Findings
- US Dollar: Despite geopolitical tensions, traders have cut their aggregate exposure to the US dollar for three consecutive weeks, dropping by $7.4 billion to a seven-week low of $5.7 billion. However, asset managers increased their net-long positions to a 15-week high of 7.1k contracts.
- EUR/USD: Net-long positions in euro futures have decreased significantly, with a reduction of 31.5k contracts among large speculators, marking the fourth consecutive weekly decline.
- GBP/USD: There has been a notable increase in net-short positions for the British pound, reaching a 15-week high of 84.2k contracts, as traders anticipate the upcoming Bank of England meeting.
- USD/JPY: Large speculators and asset managers have reduced their net-long exposure by 40k contracts, indicating a shift towards bearish sentiment on the yen.
- USD/CAD: There was an increase in net-long exposure to Canadian dollar futures by 23k contracts across both asset managers and large speculators.
- AUD/USD: A reduction in long positions has led to a decline in net-long exposure among large speculators for the first time in six weeks.
- NZD/USD: Asset managers have increased their net-short exposure for the fourth consecutive week, reaching a six-week high of 37.4k contracts.
Detailed Positioning Analysis
US Dollar Index (DXY)
Net-short exposure to the US dollar has decreased, with aggregate futures exposure falling to -$5.7 billion. Asset managers have increased their net-long positions, marking the largest weekly rise since August 2023.
EUR/USD
Net-long exposure to euro futures has dropped significantly, with large speculators closing 28.9k long contracts, the fastest reduction since January 2023, as the euro's value declines against the dollar.
GBP/USD
Positioning for the British pound is nearing a sentiment extreme, with asset managers trimming their net-short exposure while large speculators continue to increase theirs ahead of the Bank of England meeting.
USD/JPY
Asset managers are close to flipping to net-short exposure on the yen, with a notable increase in gross shorts, indicating potential upward pressure on USD/JPY.