Forex glossary
Commitments of Traders (COT) report
A CFTC report on positions in specified futures markets or futures-and-options markets, grouped by participant category. Separate the position date from publication and check the contract and format; it does not cover all FX or establish future-move probabilities.
Illustrative example
How does it work in practice?
In a hypothetical COT table for one category and one contract, 200 long and 80 short contracts give a net long position of 120 contracts. This does not describe the balance of the entire FX market.
A case to work through
Net rises without more longs
In a fictional comparable COT category, long/short positions change from 400/300 to 350/200.
- The earlier net is 100 and the later net 150 contracts.
- Longs fall by 50, but shorts by 100, raising net by 50.
What follows? Check both columns and the position date before describing the change.
Example boundary: Categories and futures-only or combined coverage must match.
Long, short and net
Text description of the diagram
- Long: 400 → 350: down 50 contracts.
- Short: 300 → 200: down 100 contracts.
- Net: 100 → 150: up 50 contracts.
A useful distinction
Commitments of Traders (COT) report / DXY (U.S. Dollar Index)
COT describes reported contract positions; DXY is an exchange-rate index.
Check your understanding
Decompose a net-position change into long and short changes.
Show the answer and explanation
+30
Net rises from 50 to 80.
Rates, exposures and market measures
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Read the fuller explanation
Sources and documentation
- Commitments of Traders – CFTC
Describes COT position coverage, categories and separate position and publication dates.
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