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CFTC Commitments of Traders – USD Strength Lacks Momentum

As suggested in the CFTC Commitments of Traders report in the week ended May 18, NET LENGTH of USD index futures added +261 contracts to 2 684. Speculative long positions added +27 contracts while shorts dropped -234 contracts. Bets on both sides were limited as traders awaited FOMC minutes. The minutes revealed that some members believed discussions about QE tapering would be needed soon. This had lent support to the greenback, but with limited momentum. Concerning European currencies, NET LENGTH in EUR futures gained +5 951 contracts to 99 858. NET LENGTH of GBP futures fell -3 276 contracts to 24 900.

On safe-haven currencies, NET SHORT of CHF futures increased +1 414 contracts to 4 265 while that of JPY futures soared +9 220 contracts 50 948. Concerning commodity currencies, AUD futures drifted to NET LENGTH of 3 002 contracts during the week. Separately, NZD futures’ NET LENGTH dropped -894 contracts to 8 450. NET LENGTH of CAD futures rose +7 483 contracts to 46 112 during the week.

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