New Zealand dollar COT report: large speculators at the 62nd percentile of three years

Name: New Zealand dollar Commitments of Traders positioning
Creator: TradeEasy

Large speculators are more long than in 62% of the last 156 weekly reports. They hold 11,380 contracts net short, down 21,898 on the week.

Positions are in the new zealand dollar futures contract: “long” means long the new zealand dollar against the US dollar.

N6 · CFTC Legacy report, futures only · data as of Tue 22 Sep 2026 · published Fri 25 Sep · next Fri 2 Oct, 15:30 ET

Large speculators · 3-year percentile

62^ndMid-range

Last week 96th1-year 93rd

Positions by trader group

Trader groupLongShortNetWk chg% OI long3-year percentile1-yr

Large speculatorsNon-commercial traders21,57132,951−11,380−21,89821.3%62^ndMid-range93rd

CommercialsHedgers and producers71,43059,019+12,411+22,59570.5%38^thMid-range7th

Small tradersNon-reportable positions3,9014,932−1,031−6973.8%54^thMid-range63rd

Open interest 101,377Commercials usually sit opposite large speculators — that is hedging, not a view.

Large speculatorsNon-commercial traders

62^ndMid-range

Long21.6kShort33.0kNet−11.4kWk chg−21.9k

CommercialsHedgers and producers

38^thMid-range

Long71.4kShort59.0kNet+12.4kWk chg+22.6k

Small tradersNon-reportable positions

54^thMid-range

Long3.9kShort4.9kNet−1.0kWk chg−697

Open interest 101,377

Three years of positioning

NZDUSD close on each report date (own panel, own scale) · Large speculators net position (contracts) · dashed = 10th / 90th percentile of the weeks shown

3-year percentile, every week · blue = long side · rose = short side

Large speculators

Commercials

Small traders

Table view: all 156 weeks

This reading in context

Window high+30,743 · Tue 2 Jul 2024
Window low−65,189 · Tue 7 Jul 2026
Weeks at 90th+2 of 29 · how rare this reading is

Past extreme readings

Extreme long15 Sep ’26 · Large speculators · 96th · net +10.5k
Extreme short15 Sep ’26 · Commercials · 5th · net −10.2k
Extreme long8 Sep ’26 · Large speculators · 93rd · net +6.2k
Extreme short8 Sep ’26 · Commercials · 8th · net −5.6k
Extreme short4 Aug ’26 · Small traders · 4th · net −3.5k
Extreme short21 Jul ’26 · Large speculators · 9th · net −50.0k
Extreme long21 Jul ’26 · Commercials · 91st · net +52.6k
Extreme short14 Jul ’26 · Large speculators · 2nd · net −62.8k
Extreme long14 Jul ’26 · Commercials · 98th · net +66.6k
Extreme short14 Jul ’26 · Small traders · 1st · net −3.9k

Weekly change, last 12 reports

7 Jul−21,89822 Sep

Large speculators reduced their net position this week, reversing the week before.

Euro FX11^th British pound4^th Japanese yen80^th Swiss franc61^st Australian dollar55^th Canadian dollar74^th

Positioning is descriptive: it shows where each group stands against its own history, not where price goes next. Crowded positions can stay crowded for months.

What the COT report is, and how to read it

What the COT report is

Every Friday the US Commodity Futures Trading Commission (CFTC) publishes who holds what in each regulated futures market, as of the previous Tuesday. The Legacy report groups traders into large speculators (non-commercial), commercials (hedgers and producers) and small traders (positions too small to report), so you can see which side each group is on.

Why a percentile, not the raw number

Contract counts mean little on their own: 18,000 contracts is a lot in silver and very little in the S&P 500. So each net position is ranked against the same contract’s own last 3 years (156 weekly reports). The 92nd percentile means more long than in 92% of those weeks. Where we hold fewer weeks, the page says so (“1-year percentile”).

How people read the extremes

Readings at or above the 90th percentile, or at or below the 10th, are rare by definition — the group is unusually one-sided. That describes positioning; it is not a forecast. Crowded positions can stay crowded for months.

What it can’t tell you

The data is three days old when published and covers futures only. It shows positions, not intentions or timing, and says nothing on its own about where price goes next.

Educational information, not investment advice. Positioning data: CFTC Commitments of Traders (Legacy report, futures only), via Financial Modeling Prep. Percentiles are computed by TradeEasy against each contract’s own history. Past positioning does not predict future prices.