Looking at this week’s Commitments of Traders Report, there are relatively few changes in net speculator positions across major currencies and commodities. The biggest change in positions can be seen in the Japanese yen, where speculators continue to flip-flop. As we wrote in last week’s edition of this report, traders remain undecided regarding the future direction of the yen.

Changes in positions are relatively limited in this week’s Commitments of Traders Report. The biggest changes in speculator net positions can be seen in the Japanese yen and the Swiss franc. Speculators have reduced their net short positions in both currencies this week. Changes in other major currencies and commodities are fairly limited. Looking at extremes in speculator positioning, the Swiss…

Looking at this week’s Commitments of Traders Report, speculators continue to decrease their bets in currencies and commodities inversely correlated to the US dollar. The biggest changes in positions this week can be seen in the Swiss franc, Japanese yen, Canadian dollar and gold. Speculators dumped safe havens (including the franc and the yen), while adding to positions in gold and the Canadian …

Looking at this week’s Commitments of Traders Report, speculators remain long currencies that are depreciating against the US dollar. This is particularly true for euro speculators. The biggest changes in speculator positions this week can be seen in the US dollar index and the Japanese yen. While net positions in the yen flipped to positive last week, they are once again negative this week.

In this week’s Commitments of Trader’s Report, speculators continue to sell assets inversely correlated to the US dollar. The biggest changes can be seen in falling speculator net positions in the Australian dollar, the Swiss franc, and gold. Net positions in other assets inversely correlated to the dollar including the euro, the British pound, the Canadian dollar and crude oil are also lower thi…

In our last take on the outlook for gold, we wrote that the combination of slowing growth outside the United States and rising inflation meant more weakness lay in store for the precious metal. When both US growth and inflation are high, the Fed is more likely to raise rates with the aid of supportive data. In an environment where US growth is outperforming its major peers, the US dollar also ten…

Looking at this week’s Commitments of Traders Report, speculators are selling inflation-sensitive currencies including the Japanese yen and the Swiss franc. The British pound remains out of favor following both poor economic data and weak guidance from the Bank of England. Finally, speculators also dumped positions in the Australian dollar, thanks to ongoing US-China trade tensions. The net resul…

In our last commentary on the Japanese yen, we wrote that the currency was looking excessively weak against the euro. In particular, we stated that bullish catalysts driving EUR/JPY were at risk as speculator positioning in both long euro and short yen trades were looking extreme. In addition, we flagged changes to the Bank of Japan’s “yield curve control” program as a potential risk for yen stre…

In our previous analysis on the pound, we claimed that the number of catalysts driving the currency’s bullish trend were running out. At the time, we warned that the rally was running out of momentum, but did not see any evidence that would suggest adopting a bearish stance. Following recent weakness in the British pound, we downgraded our longer-term outlook on the currency to bearish on April 2…

In this week’s Commitments of Traders Report, speculators continue to sell positions inversely correlated to the US dollar. As a proportion of total interest, the most meaningful declines this week were in Swiss franc, British pound, and gold net positions. Other assets such as the euro, Canadian dollar, Australian dollar and crude oil also suffered from falling net speculator positions. As a res…