Commitment of traders report (COT): 19 Dec 2022

 

Commitment of traders – as of Tuesday 13^th December 2022:

• Net-short exposure to GBP futures fell to a 40-week low
• Traders were their least bearish on AUD and CHF futures in 8 and 7 weeks respectively
• Large speculators were their most bearish on CAD futures in 14-months
• Traders reduced net-short exposure to Japanese yen futures by -12.8k contracts (-13.1%).

 

Commitment of traders – Canadian dollar futures (CAD):

Weaker oil prices and expectations that the BOC could be approaching a pause in rate hikes has seen bears load up on Canadian dollar futures. Net-short exposure is at a 14-month high and gross shorts are now at a 3.5-year high. Whilst net-short exposure has held above -33k since May 2020, there have been periods where we’ve seen it move to -60 and -90k contract, so it is not all clear that we’re near a sentiment extreme. Inflation data this week could also entice further shorts if it comes in sifter as expected, as it ties into the theme that the BOC will hold rates at 4.25% at their first meeting in 2023.

 

Commitment of traders – as of Tuesday 13^th December 2022:

• Traders were their most bullish on gold futures in four month
•  Large speculators were their most bullish on silver futures in seven months
• Net-long exposure to platinum futures was at its most bullish level since May 2021
• Net-long exposure to WTI futures fell to an 11-week low