Looking at this week’s Commitments of Traders Report, there are significant changes in Japanese yen, gold and Canadian dollar net positions. Looking at our implied measure of US dollar positioning (the inverse of net positions in other major currencies), speculators increased their bets on the US dollar for the fifth week in a row. The significant drop in both Japanese yen and gold net positions suggests that speculators are increasingly wary of the Federal Reserve. As both US growth and inflation data continue to accelerate, the Fed is increasingly likely to raise rates in the future. As a result, negative or zero ... (full story)