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By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday June 24th and shows a quick view of how large market participants (for-profit speculators and commercial traders) were positioned in the futures markets. All currency positions are in direct relation to the US dollar where, for example, a bet for the euro is a bet that the euro will rise versus the dollar while a bet against the euro will be a bet that the euro will decline versus the dollar.

Weekly Speculator Changes led by Canadian Dollar & Euro

Speculators Nets FX Futures COT Chart
The COT currency market speculator bets were overall lower this week as four out of the eleven currency markets we cover had higher positioning while the other seven markets had lower speculator contracts.

Leading the gains for the currency markets was the Canadian Dollar (13,166 contracts) with the EuroFX (9,582 contracts), the New Zealand Dollar (4,043 contracts) and the Japanese Yen (1,400 contracts) also showing positive weeks.

The currencies seeing declines in speculator bets on the week were the British Pound (-8,462 contracts), the Brazilian Real (-6,962 contracts), the Mexican Peso (-6,716 contracts), the Australian Dollar (-3,172 contracts), the US Dollar Index (-3,066 contracts), the Swiss Franc (-888 contracts) and with Bitcoin (-377 contracts) also registering lower bets on the week.

US Dollar Index Speculators drop their bets to lowest level since 2021

The U.S. dollar index speculator position dropped this week for a second consecutive week and is now at the lowest level in the past 225 weeks. This is the lowest standing dating back to March 9th of 2021 when the speculator positions were negative by over -8,000 contracts.

The U.S. dollar index speculator position has fallen by -7,436 contracts in the last two weeks and by over -22,000 contracts in the last 15 weeks, going from +16,835 contracts on March 11th to -6,034 contracts this week.

Despite geopolitical turmoil over the last few weeks, the dollar index has not experienced safe haven flows and is now trading under the 98.00 exchange rate. This is the lowest level since 2022 when the index was on the rise up and culminated later that year at a high of nearly 115.00 in September 2022. The dollar index is now down about 12% since the beginning of the year after starting the year near the 110.00 exchange rate.

Quick Roundup:

Other Currencies:
– Non-US dollar contracts are improving week to week and month to month.
– Negative contracts at this point are the Swiss franc, the Australian dollar, the Canadian dollar, the US dollar index and Bitcoin.

Euro:
– Speculator positions have risen for five consecutive weeks and by over 36,000 contracts over that period.
– The Euro speculator position is now back over +100,000 contracts for the second consecutive week.
– The Euro positions are now at their highest level since January of 2024.

Japanese Yen:
– Speculator bets have cooled off somewhat after hitting record high in the last few months.
– The currency has been consolidating over the last two months, however it is up about 10% since beginning of the year.

Swiss Franc:
– Continues to have a negative large speculator position but has been steadily improving since the beginning of the year.
– It has halved its negative position to the current level of -20,000 contracts.
– Swiss franc has benefited from safe haven flows, rising approximately 15% against the U.S. dollar since January

Australian Dollar:
– The AUD exchange rate is up about 5% against the U.S. dollar in 2025.
– However, the speculator position is the most bearish out of all the major currencies as the Reserve Bank of Australia cut interest rate in May meeting.


Currencies Data:

Speculators FX Futures COT Data Table
Legend: Open Interest | Speculators Current Net Position | Weekly Specs Change | Specs Strength Score compared to last 3-Years (0-100 range)


Strength Scores led by Japanese Yen & Brazilian Real

Speculators Strength Scores FX Futures COT Chart
COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that the Japanese Yen (87 percent) and the Brazilian Real (81 percent) lead the currency markets this week. The EuroFX (71 percent), New Zealand Dollar (68 percent) and the Canadian Dollar (64 percent) come in as the next highest in the weekly strength scores.

On the downside, the US Dollar Index (0 percent) and Bitcoin (4 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent).

3-Year Strength Statistics:
US Dollar Index (0.0 percent) vs US Dollar Index previous week (6.6 percent)
EuroFX (71.1 percent) vs EuroFX previous week (67.4 percent)
British Pound Sterling (48.7 percent) vs British Pound Sterling previous week (52.8 percent)
Japanese Yen (87.1 percent) vs Japanese Yen previous week (86.7 percent)
Swiss Franc (58.4 percent) vs Swiss Franc previous week (60.2 percent)
Canadian Dollar (64.1 percent) vs Canadian Dollar previous week (58.2 percent)
Australian Dollar (24.8 percent) vs Australian Dollar previous week (27.1 percent)
New Zealand Dollar (67.7 percent) vs New Zealand Dollar previous week (63.0 percent)
Mexican Peso (54.9 percent) vs Mexican Peso previous week (58.3 percent)
Brazilian Real (80.8 percent) vs Brazilian Real previous week (86.5 percent)
Bitcoin (4.1 percent) vs Bitcoin previous week (12.4 percent)


New Zealand Dollar & Canadian Dollar top the 6-Week Strength Trends

Speculators Trends FX Futures COT Chart
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that the New Zealand Dollar (29 percent) and the Canadian Dollar (13 percent) lead the past six weeks trends for the currencies. The EuroFX (10 percent), the Swiss Franc (4 percent) and the British Pound (3 percent) are the next highest positive movers in the 3-Year trends data.

Bitcoin (-29 percent) leads the downside trend scores currently with the Australian Dollar (-16 percent), the US Dollar Index (-12 percent) and the Japanese Yen (-11 percent) following next with lower trend scores.

3-Year Strength Trends:
US Dollar Index (-11.6 percent) vs US Dollar Index previous week (-4.0 percent)
EuroFX (10.0 percent) vs EuroFX previous week (9.8 percent)
British Pound Sterling (3.4 percent) vs British Pound Sterling previous week (6.5 percent)
Japanese Yen (-11.0 percent) vs Japanese Yen previous week (-12.7 percent)
Swiss Franc (4.3 percent) vs Swiss Franc previous week (7.1 percent)
Canadian Dollar (13.0 percent) vs Canadian Dollar previous week (1.9 percent)
Australian Dollar (-16.5 percent) vs Australian Dollar previous week (-14.9 percent)
New Zealand Dollar (29.3 percent) vs New Zealand Dollar previous week (25.3 percent)
Mexican Peso (-7.3 percent) vs Mexican Peso previous week (-5.4 percent)
Brazilian Real (1.0 percent) vs Brazilian Real previous week (21.7 percent)
Bitcoin (-29.1 percent) vs Bitcoin previous week (-0.1 percent)


Individual COT Forex Markets:

US Dollar Index Futures:

US Dollar Index Forex Futures COT ChartThe US Dollar Index large speculator standing this week recorded a net position of -6,034 contracts in the data reported through Tuesday. This was a weekly decline of -3,066 contracts from the previous week which had a total of -2,968 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 20.6 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

US DOLLAR INDEX Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 42.5 40.4 9.1
– Percent of Open Interest Shorts: 61.9 18.8 11.4
– Net Position: -6,034 6,748 -714
– Gross Longs: 13,283 12,617 2,840
– Gross Shorts: 19,317 5,869 3,554
– Long to Short Ratio: 0.7 to 1 2.1 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 0.0 100.0 20.6
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -11.6 11.3 -3.6

 


Euro Currency Futures:

Euro Currency Futures COT ChartThe Euro Currency large speculator standing this week recorded a net position of 111,135 contracts in the data reported through Tuesday. This was a weekly lift of 9,582 contracts from the previous week which had a total of 101,553 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 71.1 percent. The commercials are Bearish with a score of 25.2 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 86.7 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

EURO Currency Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.3 54.7 12.4
– Percent of Open Interest Shorts: 14.8 76.3 5.5
– Net Position: 111,135 -164,301 53,166
– Gross Longs: 223,791 417,363 94,870
– Gross Shorts: 112,656 581,664 41,704
– Long to Short Ratio: 2.0 to 1 0.7 to 1 2.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 71.1 25.2 86.7
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 10.0 -10.2 7.7

 


British Pound Sterling Futures:

British Pound Sterling Futures COT ChartThe British Pound Sterling large speculator standing this week recorded a net position of 34,395 contracts in the data reported through Tuesday. This was a weekly decline of -8,462 contracts from the previous week which had a total of 42,857 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 48.7 percent. The commercials are Bearish with a score of 45.6 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 82.4 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

BRITISH POUND Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 55.5 24.0 20.0
– Percent of Open Interest Shorts: 36.4 48.5 14.6
– Net Position: 34,395 -44,035 9,640
– Gross Longs: 99,848 43,166 35,906
– Gross Shorts: 65,453 87,201 26,266
– Long to Short Ratio: 1.5 to 1 0.5 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 48.7 45.6 82.4
– Strength Index Reading (3 Year Range): Bearish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 3.4 -5.0 10.1

 


Japanese Yen Futures:

Japanese Yen Forex Futures COT ChartThe Japanese Yen large speculator standing this week recorded a net position of 132,277 contracts in the data reported through Tuesday. This was a weekly lift of 1,400 contracts from the previous week which had a total of 130,877 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 87.1 percent. The commercials are Bearish-Extreme with a score of 13.7 percent and the small traders (not shown in chart) are Bullish with a score of 79.5 percent.

Price Trend-Following Model: Uptrend

Our weekly trend-following model classifies the current market price position as: Uptrend.

JAPANESE YEN Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 56.7 29.2 12.9
– Percent of Open Interest Shorts: 14.7 76.2 8.0
– Net Position: 132,277 -147,710 15,433
– Gross Longs: 178,403 92,034 40,462
– Gross Shorts: 46,126 239,744 25,029
– Long to Short Ratio: 3.9 to 1 0.4 to 1 1.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 87.1 13.7 79.5
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -11.0 9.4 6.4

 


Swiss Franc Futures:

Swiss Franc Forex Futures COT ChartThe Swiss Franc large speculator standing this week recorded a net position of -20,944 contracts in the data reported through Tuesday. This was a weekly fall of -888 contracts from the previous week which had a total of -20,056 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 58.4 percent. The commercials are Bearish with a score of 33.4 percent and the small traders (not shown in chart) are Bullish with a score of 79.5 percent.

Price Trend-Following Model: Uptrend

Our weekly trend-following model classifies the current market price position as: Uptrend.

SWISS FRANC Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 11.8 65.8 22.2
– Percent of Open Interest Shorts: 41.9 35.9 22.0
– Net Position: -20,944 20,768 176
– Gross Longs: 8,184 45,702 15,449
– Gross Shorts: 29,128 24,934 15,273
– Long to Short Ratio: 0.3 to 1 1.8 to 1 1.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 58.4 33.4 79.5
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 4.3 -3.6 0.4

 


Canadian Dollar Futures:

Canadian Dollar Forex Futures COT ChartThe Canadian Dollar large speculator standing this week recorded a net position of -53,167 contracts in the data reported through Tuesday. This was a weekly boost of 13,166 contracts from the previous week which had a total of -66,333 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 64.1 percent. The commercials are Bearish with a score of 35.0 percent and the small traders (not shown in chart) are Bullish with a score of 51.8 percent.

Price Trend-Following Model: Uptrend

Our weekly trend-following model classifies the current market price position as: Uptrend.

CANADIAN DOLLAR Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 12.6 67.5 13.6
– Percent of Open Interest Shorts: 39.0 42.4 12.3
– Net Position: -53,167 50,430 2,737
– Gross Longs: 25,267 135,776 27,452
– Gross Shorts: 78,434 85,346 24,715
– Long to Short Ratio: 0.3 to 1 1.6 to 1 1.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 64.1 35.0 51.8
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 13.0 -17.6 35.7

 


Australian Dollar Futures:

Australian Dollar Forex Futures COT ChartThe Australian Dollar large speculator standing this week recorded a net position of -72,562 contracts in the data reported through Tuesday. This was a weekly decrease of -3,172 contracts from the previous week which had a total of -69,390 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 24.8 percent. The commercials are Bullish with a score of 72.0 percent and the small traders (not shown in chart) are Bullish with a score of 54.6 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

AUSTRALIAN DOLLAR Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 15.4 64.9 15.1
– Percent of Open Interest Shorts: 63.4 18.2 13.7
– Net Position: -72,562 70,475 2,087
– Gross Longs: 23,249 97,992 22,820
– Gross Shorts: 95,811 27,517 20,733
– Long to Short Ratio: 0.2 to 1 3.6 to 1 1.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 24.8 72.0 54.6
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -16.5 11.7 9.5

 


New Zealand Dollar Futures:

New Zealand Dollar Forex Futures COT ChartThe New Zealand Dollar large speculator standing this week recorded a net position of 2,770 contracts in the data reported through Tuesday. This was a weekly advance of 4,043 contracts from the previous week which had a total of -1,273 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 67.7 percent. The commercials are Bearish with a score of 29.8 percent and the small traders (not shown in chart) are Bullish with a score of 67.5 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

NEW ZEALAND DOLLAR Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 42.1 38.5 9.8
– Percent of Open Interest Shorts: 35.8 47.2 7.3
– Net Position: 2,770 -3,877 1,107
– Gross Longs: 18,619 17,004 4,355
– Gross Shorts: 15,849 20,881 3,248
– Long to Short Ratio: 1.2 to 1 0.8 to 1 1.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 67.7 29.8 67.5
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 29.3 -29.2 7.8

 


Mexican Peso Futures:

Mexican Peso Futures COT ChartThe Mexican Peso large speculator standing this week recorded a net position of 51,311 contracts in the data reported through Tuesday. This was a weekly decline of -6,716 contracts from the previous week which had a total of 58,027 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 54.9 percent. The commercials are Bearish with a score of 45.5 percent and the small traders (not shown in chart) are Bearish with a score of 47.5 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

MEXICAN PESO Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 57.0 37.6 4.9
– Percent of Open Interest Shorts: 22.1 75.5 1.8
– Net Position: 51,311 -55,780 4,469
– Gross Longs: 83,729 55,155 7,127
– Gross Shorts: 32,418 110,935 2,658
– Long to Short Ratio: 2.6 to 1 0.5 to 1 2.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 54.9 45.5 47.5
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -7.3 7.1 3.5

 


Brazilian Real Futures:

Brazil Real Futures COT ChartThe Brazilian Real large speculator standing this week recorded a net position of 44,730 contracts in the data reported through Tuesday. This was a weekly lowering of -6,962 contracts from the previous week which had a total of 51,692 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 80.8 percent. The commercials are Bearish-Extreme with a score of 17.9 percent and the small traders (not shown in chart) are Bearish with a score of 40.3 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

BRAZIL REAL Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 50.1 33.9 3.6
– Percent of Open Interest Shorts: 16.3 70.2 1.0
– Net Position: 44,730 -48,182 3,452
– Gross Longs: 66,374 44,952 4,804
– Gross Shorts: 21,644 93,134 1,352
– Long to Short Ratio: 3.1 to 1 0.5 to 1 3.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 80.8 17.9 40.3
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 1.0 -0.9 -0.6

 


Bitcoin Futures:

Bitcoin Crypto Futures COT ChartThe Bitcoin large speculator standing this week recorded a net position of -2,161 contracts in the data reported through Tuesday. This was a weekly decrease of -377 contracts from the previous week which had a total of -1,784 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 4.1 percent. The commercials are Bullish-Extreme with a score of 94.3 percent and the small traders (not shown in chart) are Bullish with a score of 61.6 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

BITCOIN Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 77.3 6.9 4.8
– Percent of Open Interest Shorts: 84.2 1.5 3.3
– Net Position: -2,161 1,692 469
– Gross Longs: 24,232 2,152 1,497
– Gross Shorts: 26,393 460 1,028
– Long to Short Ratio: 0.9 to 1 4.7 to 1 1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 4.1 94.3 61.6
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -29.1 3.2 61.6

 


Article By InvestMacroReceive our weekly COT Newsletter

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.


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