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Positioning doesn't predict direction. It reveals crowding: how many investors will have to exit if the scenario turns.
Every Friday, the CFTC publishes leveraged funds' positions in currency futures. The rank places the current level within the last three years.
CFTC positioning is for members only
This tool is included in full access and in the terminal-only plan. The other tools on this page remain free to view.
Informational content, not investment advice.
The CFTC's Commitments of Traders report lists every week the open positions in US futures contracts. For currencies, these are the contracts listed on the CME against the dollar: euro, yen, pound, Swiss franc, Canadian, Australian and New Zealand dollars. A net long position in the euro is therefore a bet on EUR/USD rising.
This page uses the leveraged funds category (Leveraged Funds) of the Traders in Financial Futures report: the most reactive managers, whose unwinds drive the sharpest moves.
The three-year rank places today's position among all those of the period. A rank close to 100% signals a market that is already very long, close to 0% a very short one. It is at these extremes that positioning becomes a risk: few buyers are left to extend the move, and many potential sellers wait if a data release disappoints.
The figures are taken on Tuesday and published on Friday at 3:30 pm New York time: they describe the market with a three-day lag. Read them alongside current rates and data, never on their own.
