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CFTC Commitments of Traders – Net LENGTH for CAD futures has More than Double amidst Narrowing Yield Spread with USD

As suggested in the CFTC Commitments of Traders report in the week ended October 22, NET LENGTH in USD Index declined -6 226 contracts to 31 210. Speculative long positions fell -3 455 contracts and short positions added +2771 contracts. USD fell across the board as market turned trade negotiation optimism. More importantly, the market has almost fully priced in a rate cut at the FOMC meeting this week. Concerning European currencies, NET SHORT for EUR futures sank +25 816 contracts to 51 050. NET SHORT for GBP futures declined -20 512 contracts to 52 440. Traders raised long bets and trimmed short bets as Brexit uncertainty appeared to have diminished.

On safe-haven currencies, Net SHORT for CHF futures dropped -1 431 contracts to 11 335. NET SHORT of JPY futures jumped +11 524 contracts to 18 165. On commodity currencies, NET SHORT for AUD futures declined -3 619 contracts to 43 986. Speculative long positions dropped -3 992 contracts while shorts fell -7 611 contracts. Separately, NET SHORT for NZD added +126 contracts to 40 142 contracts last week. NET LENGTH for CAD futures soared +20 432 contracts to 33 393. Canadian dollar jumped against US dollar as BOC is expected to keep the policy rate unchanged while the Fed will likely cut its policy rate again.

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