COT Report: FX Positioning — speculators, weekly
As of the CFTC Commitments of Traders report for Tue, Oct 13, 2026 (positions are measured each Tuesday and released the following Friday), large speculators are most net-long JPY (+50,207 contracts) and most net-short EUR (-137,573). Each figure is the currency's net position against the US dollar. Source: CFTC.
Large-speculator (non-commercial) net positioning in the seven major CME currency futures, from the CFTC's weekly report. report date 2026-10-13
Net speculative positioning
Bars show net contracts (long minus short) for large speculators; blue = net long the currency vs USD, red = net short. Scaled to the largest absolute net in the set.
Detail
| Ccy | Net | Δ wk | Long | Short | % OI long | % OI short |
|---|---|---|---|---|---|---|
| JPY | +50,207 | -12,118 | 191,256 | 141,049 | 51.2% | 37.8% |
| CHF | -22,078 | +1,662 | 27,447 | 49,525 | 20.0% | 36.1% |
| NZD | -47,001 | -17,655 | 24,619 | 71,620 | 19.7% | 57.2% |
| CAD | -94,765 | -4,602 | 89,986 | 184,751 | 23.8% | 48.8% |
| GBP | -106,964 | -9,353 | 44,185 | 151,149 | 16.5% | 56.3% |
| AUD | -117,299 | -18,711 | 98,389 | 215,688 | 29.0% | 63.5% |
| EUR | -137,573 | -38,241 | 222,929 | 360,502 | 25.5% | 41.2% |
Non-commercial (large speculator) positions in CME currency futures, legacy futures-only report. "% OI" is each side as a share of total open interest.
What COT tells an FX trader
COT shows how the speculative crowd — large traders who aren't hedging, mostly funds and CTAs; the CFTC's "non-commercial" category — is positioned in CME currency futures. A large net-long euro reading means speculators are collectively betting EUR/USD rises; a deep net-short yen means the crowd is leaning on a weaker yen.
It is most useful at extremes. When a currency's net position sits at a multi-month high, the trade is crowded: if price turns, many holders exit at once and the move can be fast. A market that is heavily net-short can rally for the same reason. COT is a positioning and sentiment lens, not a timing signal, and it works best as a contrarian flag at the edges rather than a reason to chase the middle.
Mind the caveats: the data is ~3 days stale by design (measured Tuesday, released Friday), it covers only CME futures rather than the whole OTC market, and every figure is relative to the dollar. Read it alongside spot — the currency-strength meter for where price actually is, and the DXY index for the dollar leg.
FAQ
What is the Commitments of Traders (COT) report?
The COT report is a weekly publication from the US Commodity Futures Trading Commission (CFTC) that breaks down open positions in futures markets by trader category. This page shows the large-speculator ("non-commercial") category — large traders who are not hedging a business exposure, mostly funds and CTAs — in the major CME currency futures.
What does net speculative positioning mean?
Net positioning is large speculators' long contracts minus their short contracts. A positive net means speculators are collectively positioned for the currency to rise against the US dollar; negative means they are positioned for it to fall. Every line is measured against USD.
How current is COT data?
The CFTC measures positions as of the close each Tuesday and releases the report the following Friday at about 3:30pm Eastern, so the data is intentionally ~3 days lagged. This page shows the most recent published report.
Does COT cover the whole forex market?
No. COT covers only CME-listed currency futures — a small slice of total FX volume, since the bulk trades over-the-counter in spot and forwards. Read it as a sentiment and crowding gauge for the speculative crowd, not a measure of total market positioning.