Benchmark · weekly · index (0-100)

Major FX dollar positioning

How concentrated is speculative positioning across the major currency pairs on the dollar-bullish side?

The major FX dollar score measures how concentrated speculative positioning is across seven major currency futures (EUR, JPY, GBP, CHF, CAD, AUD and NZD) on the dollar-bullish side. Each currency's Leveraged Funds Net/OI is ranked against its own trailing five-year history (no lookahead), and the score is 100 minus that percentile: a high score means speculators are heavily net-short a foreign currency, which is dollar-bullish. The composite averages the seven scores equally. It is a gauge of broad dollar positioning, not a directional trade signal.

Readingsweekly

Composite: 62.33index (0-100)
13-week change: +10.08 index (0-100); from 52.24
Strongest component: 99.50index (0-100); NZD · 2026-08-04
Weakest component: 7.47index (0-100); AUD · 2026-08-04
Composite percentile: 75th; of 781 readings · since 2011-08-23

FX dollar score

EUR

JPY

GBP

CHF

CAD

AUD

NZD

Major FX dollar positioning: summary statistics (Max range)
Series	First	Latest	Min	Max
FX dollar score	32.21	62.33	21.81	87.16
EUR	40.87	91.76	0.50	98.66
JPY	21.63	38.12	0.50	99.50
GBP	26.44	33.91	0.50	99.50
CHF	15.87	69.16	0.50	99.50
CAD	92.79	96.36	1.72	99.50
AUD	4.33	7.47	0.50	99.50
NZD	23.56	99.50	0.50	99.50

Source: CFTC
Series: fx-dollar:overall fx-dollar:eur fx-dollar:jpy fx-dollar:gbp fx-dollar:chf fx-dollar:cad fx-dollar:aud fx-dollar:nzd
Frequency: weekly
Data through: 4 August 2026
Refreshed: 04 Aug 2026

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How this is calculated

Formula

foreignCurrencyScore_i = 100 − trailingPercentile260(Leveraged Funds Net/OI_i); dollarScore = equal-weight mean of the seven scores

Seven single-currency futures (EUR, JPY, GBP, CHF, CAD, AUD, NZD) are each scored by their Leveraged Funds Net/OI: foreignCurrencyScore = 100 − trailingPercentile260(NetOI). Each score rises when speculators are net-short a foreign currency (dollar-bullish). The composite is the equal-weight mean of the seven scores, with a minimum of six valid contracts required before a weekly reading is emitted. Each currency's trailing window uses only observations on or before that date, with no lookahead.

As of 4 August 2026, the latest reading is 62.33 index (0-100). That is up 46.8% over the past year and above its long-run median of 51.48 index (0-100).

Source series

CFTC

How to read it

What a high or low reading means

A high dollar score means speculators are net-short the foreign currency against the dollar across several major pairs at once: broad dollar buying. A low score means speculators are dollar-bearish across the board. Because each currency is ranked against its own history, no single large market can dominate; the index rises only when positioning is extreme across many pairs. The zero line is the theoretical floor (every currency at the 100th percentile of net-long foreign currency) and 100 the ceiling (every currency at the 0th percentile, net-short foreign currency), though in practice the index stays between roughly 30 and 70.

Why trailing percentile instead of raw Net/OI

Raw Net/OI for, say, the euro and the New Zealand dollar sit on different scales. Euro positioning ranges from −20% to +30%, NZD from −40% to +60%. Averaging raw Net/OI would overweight markets with wider ranges. The percentile transform puts every currency on the same 0–100 distribution before averaging, so the dollar score reflects cross-market EXTREMITY, not position size.

Why equal-weight the seven currencies

The composite is the mean of the seven scores, so the euro and the New Zealand dollar get the same weight. The purpose is to detect breadth of dollar positioning (whether many currencies are extended on the same side), and an equal construction ensures a large move in one pair cannot make the index look broad.

Limitations

The trailing window requires at least 104 weekly observations before a score is emitted, so early-sample readings reflect fewer currencies. The score measures futures positions only. The spot and swap market, which is larger for FX, is not captured. Treat the chart as context for broad dollar positioning, not investment advice.

How this benchmark is used

Dollar trend breadth

The dollar score measures whether speculative dollar buying is narrow (one or two pairs extended) or broad (many pairs at once). Broad dollar moves are the ones that sustain through Fed policy shifts.

Frequently asked questions

5 answers

What is the current major FX dollar positioning?

As of 4 August 2026, the latest reading is 62.33 index (0-100). That is up 46.8% over the past year and above its long-run median of 51.48 index (0-100).

How often is this benchmark updated?

This benchmark is built on weekly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.

What data sources does this chart use?

The chart is built from FX dollar score, EUR, JPY, GBP, CHF, CAD, AUD and NZD, sourced from the CFTC Commitments of Traders report.

Why does the score invert the percentile?

The raw percentile measures where Net/OI sits in its own range: a high percentile means net-long the foreign currency (bearish dollar). Subtracting from 100 flips the scale so a high score means dollar-bullish, which is the convention most dollar-watchers use.

How is this different from the US Dollar Index positioning page?

The DXY positioning page tracks a single contract, the ICE US Dollar Index futures. This page aggregates the seven single-currency pairs, so it captures the composition under the dollar move: a DXY rally driven by euro selling alone looks quite different from one driven by euro, yen and franc selling together. The breadth is the signal.

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