CFTC Positioning (w/e 3rd Nov): USD net long; EUR net short; JPY net long; GBP net short; AUD net short; NZD net short; CAD net short; CHF net short

Newsquawk Staff · 9 Nov 2026, 09:22 UTC

Currency	Speculative Net Positions	Weekly Change	Z-Score	Leveraged Funds Net Positions
USD	$+36.7bn	$-1.8bn	–	–
EUR	-157.8k	-13.9k	-2.05	-78.6k
JPY	+102.3k	+0.7k	+1.84	-14.8k
GBP	-59.8k	+19.6k	+0.08	+26.7k
AUD	-129.5k	-1.1k	-1.92	+50.1k
NZD	-60.0k	-2.3k	-1.28	-23.2k
CAD	-41.8k	+24.6k	+0.56	-86.3k
CHF	-16.6k	+3.5k	+2.36	-16.8k

Note: The Z-Score measures how far the current speculative net position sits from its 52-week average, expressed in standard deviations. Readings beyond ±2 indicate historically stretched positioning.

Source: CFTC, futures only, net contracts. Speculative = Legacy non-commercial; Leveraged Funds = Traders in Financial Futures. USD is the inverse of the seven currencies combined, in notional terms at current spot.

What our morning note said

EU Market Open, 9 Nov, 06:36 UTC · what it led with

US President Trump said it is highly unlikely the US will need to resume military action against Iran if negotiations progress, while Secretary of State Rubio said talks have been unproductive.
DXY consolidated after Friday's jobs-driven upside; Antipodeans outperformed, with the NZD aided by the weekend's election result.

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Headlines that moved markets

FX headlines from our feed, and what the market did next.

Iranian President Pezeshkian says the Supreme Leader has granted the government some authority on dialogue, ISNA reports.
EUR/USD+0.1%
ECB policymakers see a December rate hike followed by a pause; New ECB staff estimates show the rise in bond yields cutting growth by a cumulative 100bps and inflation by 90bps in 2027-28 vs the September baseline, according to reports, citing sources.
EUR/USD−0.1%
ECB President Lagarde (Q&A) says policymakers believe they are in a good position to wait for incoming information. The situation they are in could have warranted a hike.
EUR/USD+0.1%

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