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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Weekly COT Report 6th May 2019

Article By: ,  Financial Analyst
May 5, 2019 11:16 PM

  • Traders were their most bullish on USD since December 2015, at $34.9bn ($39.6bn net-long against G10 currencies
  • JPY traders extended their net-short exposure to their most bearish level since December 2018
  • AUD traders were their most bearish since November 2018
  • NZD traders increased their bearish exposure at their fastest pace since September 2018


Despite extending their net-short exposure, JPY futures have continued to rise which could catch a lot of traders off-guard. Most notably, Trump’s trade tweet has seen JPY rally today which piles extra pressure on the bear-camp. It’s also worth noting that the extended bearish positioning has been achieved on lower volumes, driven mostly by a reduction of gross longs. This also brings into question the ‘bearishness’ of the net positioning as this is not a move of confidence.


Bears added 10.3k new short bets last week, dragging net-short exposure to its most bearish level this year. We don’t think positioning is yet at a sentiment extreme, and prices have crashed lower today in response to renewed trade tensions. Tomorrow’s RBA meeting could have a large impact on positioning. If they do cut, there’s still plenty of longs to be closed out.


  • Gold traders shed -28,2k short contracts, yet bulls added just 584k contracts
  • Sliver traders flipped to net-log after a 1-week hiatus net-short
  • Copper traders flipped to net-short
  • Platinum traders extended their net-long exposure to their most bullish level since March 2018


The increased net-long exposure last week was driven mostly by short covering, with -28.2k shorts closed (its largest short reduction since early December). With prices failing to break lower, we’re monitoring gold’s potential for a bullish wedge to develop.


Net-long exposure saw its largest weekly reduction since early February, ahead of further declines seen since last Tuesday.
The move was driven by an increase of short bets (+16.9k contracts) and a reduction of longs (-6.4k contracts), which could point towards a deeper correction.


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