In short
Speculators are net short DXY (flat over 12 weeks). Positioning sits at 5% of its 12-week range (flip 42th pct of 10y, z -0.23).
Weekly net positioning
Net non-commercial (large speculator) positioning over the last 12 weeks. A rising net means speculators are building longs; a falling net means they are building shorts.
| Week (Tuesday) | Net position | Week-over-week | Open interest |
|---|---|---|---|
| Sep 15, 2026 | -4,909 | -11,095 | 43,744 |
| Sep 8, 2026 | +6,186 | -947 | 57,858 |
| Sep 1, 2026 | +7,133 | -2,056 | 50,020 |
| Aug 25, 2026 | +9,189 | +1,077 | 47,953 |
| Aug 18, 2026 | +8,112 | +2,340 | 47,928 |
| Aug 11, 2026 | +5,772 | +1,923 | 49,541 |
| Aug 4, 2026 | +3,849 | +5,450 | 52,154 |
| Jul 28, 2026 | -1,601 | +337 | 58,251 |
| Jul 21, 2026 | -1,938 | +2,928 | 53,953 |
| Jul 14, 2026 | -4,866 | -412 | 53,293 |
| Jul 7, 2026 | -4,454 | +1,126 | 53,384 |
| Jun 30, 2026 | -5,580 | — | 54,306 |
How to read this
The flip percentile normalizes US Dollar net positioning against roughly ten years of history: 41.7% means speculators are roughly mid-range versus their own history. The 10-year z-score (-0.23) confirms how stretched that is. Readings above the 90th percentile (or below the 10th) flag a crowded trade prone to a sharp unwind.
Positioning is a risk gauge, not an entry signal. Extremes can persist and get more extreme. Pair this with the fundamentals and a confirming move before fading a crowded trade. See how to read the COT report and using COT data to spot reversals. For the bigger picture on what moves the US dollar, read the US Dollar fundamentals guide.
Frequently asked questions
- Are speculators net long or short US Dollar?
- As of Sep 15, 2026, large speculators are net short the US dollar, with a net position of -4,909 contracts (12,118 long vs 17,027 short) in the CFTC Commitments of Traders report.
- Is US Dollar positioning crowded right now?
- No. US Dollar positioning sits at the 41.7% flip percentile of its 10-year range (z-score -0.23), which is not an extreme. Crowding warnings trigger above the 90th or below the 10th percentile.
- What is the COT flip percentile for US Dollar?
- US Dollar's flip percentile is 41.7% — where current normalized net positioning sits within roughly 10 years of history. Above 60 is long-side versus history, below 40 short-side; above 90 or below 10 is crowded.
- When is COT data for US Dollar updated?
- Weekly. The CFTC releases the Commitments of Traders report every Friday at 3:30pm ET with positions as of the prior Tuesday. This page last updated with data as of Sep 15, 2026.