Commitment of traders report (COT): 30th January 2023

Commitment of traders – as of Tuesday 24^th January 2023:

• Net-short exposure to JPY futures were at their least bearish level since March 2021
• Traders increased their net-short exposure of CHF futures to a 6-week high
• Gross short exposure to the US 10-year treasury note rose to its highest level since July 2021
• Net-long exposure to EUR futures remined just below its 2-year high

Commitment of traders – Japanese yen futures (JPY):

We have seen a steady decline of short bets against the yen since October, as trade increasingly suspect the BOJ are moving away from their ultra-loose policy. With the BOJ governor Kuroda set to hand over the reigns and hold his last meeting in March, it’s possible we may see the central bank abandon YCC (yield curve control) and / or negative interest rates. Yet whist gross shorts are now at a 22-month low, we’re yet to see a notable pickup of new long bets.  And that means the yen’s rise of the past three months has seemingly been fuelled by short covering. And we may see some of those bears return if the BOJ refuse to move away from ultra-easy policies.

Commitment of traders – as of Tuesday 24^th January 2023:

• Large speculators were their most bullish on gold futures in 30-weeks
• Traders increased net-long exposure to heating oil futures to an 8-week high

   

• Net-long exposure to copper futures hit a 9-month high
• Net-long exposure to platinum futures fell to a 1-month low

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