Week 38, 2026
NZD leads heavy selling as CHF attracts buying
Report date: Tue 22nd Sep 26
Released: Fri 25th Sep 26
Legacy Futures Only Report
Good Morning. This is your weekly COT Digest. Speculators unwound NZD in size this week. CHF also moved, but that was the smaller side of the tape.
Top Buyers This Week
CHF
The book is still net short, but it sits as a crowded long versus the prior 52 weeks. New longs and short covering, +3.22% of the book. This is a second week of new longs and short covering. Spot did not continue the buying from the report date close (Tue 22 Sep) to the latest price when the report was released (Fri 25 Sep); it moved the other way, -0.9%.
The full positioning table is for Premium members
Contracts, week-to-week changes, and 52-week crowding — the same depth as the commodity digest.
Top Sellers This Week
NZD
The heaviest selling of the week: long liquidation and new shorts while still net short, -39.67% of the book. This marks a flip from new longs last week. The book is still net short, but it sits as a crowded long versus the prior 52 weeks. Spot continued the selling from the report date close (Tue 22 Sep) to the latest price when the report was released (Fri 25 Sep), -1.1%.
JPY
Long liquidation and new shorts while still net long, -13.61% of the book. This marks a flip from new longs and short covering last week. The book is a crowded long versus the prior 52 weeks. Spot did not continue the selling from the report date close (Tue 22 Sep) to the latest price when the report was released (Fri 25 Sep); it moved the other way, +0.1%.
GBP
Long liquidation and new shorts while still net short, -12.08% of the book. This marks a flip from short covering last week. Spot continued the selling from the report date close (Tue 22 Sep) to the latest price when the report was released (Fri 25 Sep), -0.7%.
CAD
New shorts while still net short, -8.43% of the book.
EUR
New shorts while still net short, -5.69% of the book.
The full positioning table is for Premium members
Contracts, week-to-week changes, and 52-week crowding — the same depth as the commodity digest.
US Dollar Index
Broad USD positioning saw new shorts while the index did not continue the selling from the report date close to the release close; it moved the other way, +0.4%.
| Open Interest | Long | Short |
|---|---|---|
|
5.91%
(45,206)
|
6.92%
|
13.4%
|
Other Notable Moves
AUD saw long liquidation and new shorts while spot continued the selling from the report date close (Tue 22 Sep) to the latest price when the report was released (Fri 25 Sep), -1.2%.
Quick Read
NZD saw the largest absolute move with long liquidation and new shorts while still net short.
CHF added new longs and short covering into a crowded long versus the prior 52 weeks even though the book remains net short.
JPY flipped to long liquidation and new shorts after prior-week buying.
Disclaimer: COT reflects positioning and sentiment, not trade timing or price predictions.
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