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Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 1 min read

US dollar: net position on the "horizontal"

The Commodity Futures Trading Commission (CFTC) COT (Commitments of Traders) reports for the week ending on Tuesday last week showed:

Non-commercial large speculators decreased their net buying position on the dollar index by 0.2k contracts to 11.2k. This follows a two-week period of increasing their net buying position. The net position is now close to the lowest it has been since the start of July 2021.

Hedgers (COMMERCIAL) decreased their net sell position on dollar index contracts by 0.7k contracts to 12.6k. Additionally, Hedgers-operators decreased their net buy position after a two-week increase.

The number of open contracts decreased by 0.6 thousand, bringing the total to 32.2 thousand.

The ratio of the number of buy contracts to the number of sell contracts for the bullish index of large speculators increased by 0.08 to 2.06 this week, likely due to a decrease in sales.

The Commitment of Traders (COT) report data on the dollar index (USDX) has revealed a growing bearish sentiment towards the US currency. After a two-week period of increasing net positions on USD growth, traders have now reduced their positions, bringing the net position back to levels not seen in the past 22 months. If this trend continues, it could lead to a further decline in the value of the US dollar.

The market appears to be uncertain, as the net position has been fluctuating sideways in a horizontal line over the past few weeks.

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