Commitment of traders report (COT): 12 Dec 2022

The commitment of traders (COT) report shows how large speculators are positioned across futures markets on the CME exchange.

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Commitment of traders – as of Tuesday 6th December 2022:

Net-short exposure to CAD futures fell to an 8-week low
Large speculators were their least bearish on GBP futures in 39 weeks
Traders were their most bullish on euro futures since February 2021
Gross long exposure to DXY futures were at their lowest level in 15-months
Overall, weekly volumes changes were on the low side and below +/- 8.4k contracts

Euro dollar futures (EUR):

We noted the initial reduction of gross shorts and flip to net-short to net-long exposure ahead of euro’s rally. Yet with the ECB’s overnight rate at 2% and the Fed’s at 4%, we can only expect so much upside from the euro where interest rate differentials are involved. Yet it is also worth noting that gross long exposure has reached a level which has seen bulls pull back several occasions over the past two years. Therefore, a potential scenario to monitor over the coming weeks for gross longs to turn lower and shorts move higher ahead of a potential turning point for EUR/USD.

Commitment of traders – British pound futures (GBP):

The British pound has continued to rise, but this is not a classic bullish rally as both gross longs and gross shorts are trending lower overall. And whilst traders remain net-short, what we are seeing is a general de-risking towards the British pound, only shorts are closing out faster than longs.

Commitment of traders – as of Tuesday 6th December 2022:

Gross long exposure to palladium futures were at their highest level since March
Net-long exposure to platinum futures rose to their highest level since March
Traders were their most bullish on silver futures in seven months
Net-long exposure to WTI futures fell to a 10-week low

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