The latest CFTC Positioning Report for the week ending October 1 reveals notable shifts in trading positions among various currencies and commodities. Non-commercial traders have decreased their net long positions in the EURO , bringing them down to approximately 55,300 contracts — the lowest level since late August. Conversely, hedge funds have lowered their net short positions to a six-week low. This adjustment coincides with a mild decline in open interest, following the EUR/USD ’s earlier rise beyond the 1.1200 level, leading to a corrective pullback amid a strengthening US dollar.
In the case of the Japanese yen, speculative net long positions have also declined for the first time since late August, falling to a three-week low. Simultaneously, commercial traders have cut back on their net short positions, while overall open interest has slightly decreased. The USD/JPY currency pair has continued its gradual rise, bolstered by the US dollar’s recovery and dovish comments from the Bank of Japan.
Meanwhile, speculators have ramped up net long positions in the British pound, reaching a four-week high amid an increase in open interest. However, GBP/USD faced downward pressure shortly after reaching levels not seen since March 2022, breaching the 1.3400 level amid a rebound in the US dollar.
On the US dollar front, non-commercial net long positions have diminished to the lowest recorded this year, approximately 150 contracts, as open interest has slightly declined. The US Dollar Index, resting above the psychological barrier of 100.00, has rallied strongly, fueled by expectations of a modest rate cut by the Federal Reserve in November.
Lastly, net long positions in gold have fallen to a three-week low, just below 300,000 contracts, amid a reasonable pullback in open interest. gold prices have been fluctuating in the $2,650-$2,660 range, remaining in close proximity to their recent all-time highs.
