COT Report: Forex Positioning From the CFTC Commitments of Traders

Currency	Net position	Weekly change	% long	52-week percentile	Reading
USD US Dollar	+14,190	+69	64%	83	Leaning long
EUR Euro	-157,791	-13,897	37%	0	Crowded short
GBP British Pound	-59,821	+19,593	34%	48	Neutral
JPY Japanese Yen	+102,321	+730	65%	98	Crowded long
CHF Swiss Franc	-16,589	+3,460	39%	100	Shorts at yearly low
CAD Canadian Dollar	-41,775	+24,649	41%	67	Neutral
AUD Australian Dollar	-129,457	-1,142	30%	0	Crowded short
NZD New Zealand Dollar	-60,015	-2,325	19%	6	Crowded short

Currency

Net position

Weekly change

% long

52-week percentile

Reading

USD US Dollar

+14,190

+69

64%

Leaning long

EUR Euro

-157,791

-13,897

37%

Crowded short

GBP British Pound

-59,821

+19,593

34%

Neutral

JPY Japanese Yen

+102,321

+730

65%

Crowded long

CHF Swiss Franc

-16,589

+3,460

39%

100

Shorts at yearly low

CAD Canadian Dollar

-41,775

+24,649

41%

Neutral

AUD Australian Dollar

-129,457

-1,142

30%

Crowded short

NZD New Zealand Dollar

-60,015

-2,325

19%

Crowded short

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What is the COT report?

The Commitments of Traders (COT) report is a weekly breakdown of who holds positions in US futures markets, published by the US Commodity Futures Trading Commission (CFTC). Every large trader has to report their positions, and the CFTC publishes the totals by type of trader. It covers currency futures, gold, oil, bonds and stock indices.

For forex traders it is one of the few public windows into how large, professional money is positioned. Retail forex is traded over the counter and has no central record, but currency futures do, and the big funds trading them tend to hold the same views in the spot market.

When is the COT report released?

The CFTC publishes the report every Friday at 3:30pm New York time, which is 8:30pm UK time for most of the year. It shows positions as they stood at the close on the Tuesday of that week, so the data is three days old when it comes out. When a US public holiday falls in the week, the release is delayed, usually to the following Monday.

How to read the COT report

The Legacy report this page uses splits traders into three groups:

Non-commercials (speculators): hedge funds, asset managers and other large traders betting on price direction. Their net position is the number most forex traders watch, and the one shown above.
Commercials: banks and businesses using futures to hedge real currency exposure. They are usually on the other side of the speculators.
Non-reportables: smaller traders below the reporting threshold.

Net position is speculators' long contracts minus their short contracts. A positive number means they are betting on the currency rising against the dollar. The weekly change shows whether they added to that bet or cut it. Because each currency has a different typical size, the 52-week percentile puts the number in context: it tells you whether this week's positioning is unusual for that currency.

How forex traders use COT data

To confirm a trend. A currency rising while speculators keep adding to longs is a trend with money behind it. A currency rising while they cut longs is worth questioning.
To spot crowded trades. When positioning reaches an extreme for the year, most of the money that wanted to buy (or sell) has already done so. Sharp reversals often start from crowded positions, especially when a surprise forces everyone to exit at once.
To pick pairs. Pairing a currency speculators are building longs in against one they are building shorts in lines positioning up on both sides of the trade.

What the COT report cannot tell you

It is weekly and three days late, so it is a backdrop for swing and position trades, not a timing tool. An extreme can stay extreme for weeks while the trend continues. Use it alongside price action, trend and the currency strength meter rather than on its own.

COT report by currency

Each currency page shows a year of weekly positioning, longs and shorts, and how to read that market's contract.

Frequently asked questions

What does COT stand for?

Commitments of Traders. It is the weekly report from the US Commodity Futures Trading Commission (CFTC) showing how different types of traders are positioned in US futures markets.

What time is the COT report released in the UK?

Fridays at 3:30pm New York time, which is 8:30pm UK time for most of the year (7:30pm for a few weeks in March and late October/November, when the US and UK clocks change on different dates). It reflects positions held on the Tuesday before.

Is the COT report bullish or bearish?

Neither on its own. Rising speculative longs support a currency's uptrend, but when longs reach an extreme for the year the trade is crowded and vulnerable to a reversal. Look at the direction of the weekly change and the 52-week percentile together.

Why does the US dollar row use the Dollar Index?

There is no single US dollar currency future, because every currency future is already priced against the dollar. The US Dollar Index (DXY) future measures the dollar against a basket of six currencies, led by the euro, so its positioning is the closest single read on the dollar.

Which COT report should forex traders use?

The CFTC publishes several versions. The Legacy report, used here, splits traders into commercials and non-commercials and is the one most forex analysis refers to. The Traders in Financial Futures (TFF) report splits the same markets into dealers, asset managers and leveraged funds for a finer view.

Is COT data free?

Yes. The CFTC publishes it free, and this page is free to use. Markets Mastered subscribers also see positioning folded into the convergence score alongside trend, squeeze and currency strength.

COT Report: Forex Positioning

Positioning is one layer. See all of them together.

What is the COT report?

When is the COT report released?

How to read the COT report

How forex traders use COT data

What the COT report cannot tell you

COT report by currency

Frequently asked questions

What does COT stand for?

What time is the COT report released in the UK?

Is the COT report bullish or bearish?

Why does the US dollar row use the Dollar Index?

Which COT report should forex traders use?

Is COT data free?

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