1. There was a marked increase of significant changes in the speculative positioning in the currency futures (10k contract of greater adjustment in gross positions). It was the most active week this year. There were six such adjustments. The gross short euro position jumped 21k contracts to a record 271.1k. Both bulls and bears cut sterling positions aggressively. The gross long position was cut by 11.2k contracts to 35.9k. The gross short position was cut by 10.5k contracts to 74.5k. A similar pattern was evident in the Australian dollar. The gross long position was cut by 11k contracts to 52.1k, and the gross shorts were reduced by 11.4k contracts, leaving 80.4k. Lastly, the next long Mexican peso position rose by almost 50% to 35k contracts.
- The clear pattern was that speculators took advantage of the counter-trend moves to take profits or cut longs. The gross long positions were cut across the board, with the Mexican peso the lone exception.
- There were some interesting trend moves. The net short euro position has increased for three consecutive weeks after falling for four weeks. It was the fourth week that the net short sterling position has grown. At 38.6k contracts, it is more than twice the size at the end of last year. The net short yen position of 45.9k contracts is half of where it stood at the end of the 2014. This has been largely a function of shorts covering. The gross short position has fallen by 40k contracts in Q1, while the gross long position has risen by 10k contracts.
- The speculative net short 10-year Treasury futures position increased to 180k contracts from 108k. The long were cut by nearly 10% to 350.4k contracts. The shorts rose 32k contracts to 530.2k. This year the gross long has risen by about 70k contracts while the gross short position has slipped 13k contracts.
5. Speculators cut their net long light crude oil futures position by 36.6k contracts to 206.9k. The gross longs were trimmed by 3.4k contracts to 513.6k. The gross short position rose 33.2k contracts to 306.7k.
Commitment of Traders
|week ending Mar 24|
|(speculative position in 000′s of contracts)|
|Net||Prior||Gross Long||Change||Gross Short||Change|