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Speculators Make Significant Adjustments in the Currency Futures

Saturday, October 1, 2016 16:38
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B4INREMOTE-aHR0cHM6Ly80LmJwLmJsb2dzcG90LmNvbS8tR19ENWNZS3BWYTQvVi03Qi1nTmJTeEkvQUFBQUFBQUFWeEEvRFpQNWVYZDd0NUVnU3prdGpNcVNDZFp6d25LWkp3SlJRQ0xjQi9zNDAwL3RpZ2VyLmpwZw== / by Marc Chandler / OCT 2, 2016

In the week after the BOJ and FOMC meetings, speculators made several significant adjustments to gross positions in the futures market. However, there was not clear pattern.

Of the 16 gross positions we track, five adjustments were more than 10k contracts.  Of these five, two were large adds to gross long positions. In the remaining three, speculators cut gross long positions.

The bulls added 12.3k yen contracts to lift their gross long position to 97.4k contracts.  It is the largest long position since April.  The bears added 2.2k to their gross short position, raising to 28.5k contracts.

Sterling bulls are a fickle lot.  After adding almost 29k contracts to their gross long position in the CFTC reporting week ending September 23, they liquidated 21.1k contracts in the most recent reporting period.  The gross long position stands at 48.2k contracts.  which matches the four-week average (~49.2k contracts).

Yet something more than fickleness appears to be at work.  This is the third time this year that there has been a sharp jump in gross long sterling positions followed by a large liquidation the  following week.  Each occurred around he quarterly expiration.

It did not happen last year or the year before.   Separately, note that the bears added 8k contracts to lift their gross short sterling position to 135.9k contracts, a new record.


The post Speculators Make Significant Adjustments in the Currency Futures appeared first on Silver For The People.


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