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As of Tuesday, the Australia Commodity Futures Trading Commission (CFTC) is reporting a net position of AUD -39.5K, up from -42.4K the week prior. This positive swing confirms the positive sentiment toward the Australian dollar during this period.
In the CFTC’s weekly Commitment of Traders (CoT) report, the report was issued for the week ending June 18. The report showed that in the speculative non-commercial category, long positions rose from 158.9K to 180.8K, while short positions dropped from 201.3K to 220.3K, thus raising the net positions from -42.4K to -39.5K.
This data indicates that large speculators are becoming more confident in the Australian dollar and are taking positions to make profits from the currency’s rise. As large institutional investors and market participants have become more confident in Australia’s ability to weather the uncertain market conditions, this has been reflected in the increasing net positions.
Despite the rising positions, the Australian dollar still declined against major currencies over the past week. This shows that the currency is still vulnerable to market sentiment and external economic risk factors.
Overall, the CFTC’s CoT report provides insight into the positions taken by non-commercial investors and helps inform market sentiment. Its positive swing during the week is motivating for the Australian dollar, but traders should remember that the bigger picture still has the potential to affect the currency’s performance.
