Weekly IMM FX Positioning

Weekly IMM FX Positioning 10 August 2026 | Ian Soh |

This publication was prepared by Bank J Safra Sarasin (BJSS) Trading department. The views or ideas expressed herein are those of the desk and/or the author only. The publication may not be considered investment research or an investment recommendation under applicable rules. Please find detailed, important information at the end of this document.

The positioning below is from the US Commodity Futures Trading Commission ( CFTC). Every Friday, it releases a breakdown of the outstanding open positions as at Tuesday. The Commitment of Trades (COT) released by the CFTC reports the outstanding for "commercial" and "non-commercial" traders. The data below are for "non-commercial" or speculators. The report is usually used as an indication of when positioing is stretched and therefore vulnerable for a correction.

Positioning data for the week as of 4 Aug 2026

● Post Federal Reserve’s meeting and the coordinated U.S.-Japan FX intervention saw the USD aggregate longs reduced by 11,961 contracts to 39,479. 5-year Z-score moderated sharply from 3.06 to 2.21. ● The U.S.-Japan’s coordinated intervention also triggered a massive short-squeeze in JPY, with shorts plunging by 117,939 contracts to 45,473. ● The USD bearish momentum extended to the European currencies. Both EUR and GBP shorts decreased, EUR by 14,356 contracts to 58,091 while GBP by 7,000 contracts to 57,814.

Aggregate IMM Position in USD $bn EURUSD (against AUD, NZD, CAD, EUR, GBP, JPY and CHF)

- Aug-21 May-22 Feb-23 Nov-23 Sep-24 Jun-25 Mar-26 Aug-21 May-22 Feb-23 Nov-23 Sep-24 Jun-25 Mar-26

Aggregate IMM position in USD $bn BBDXY Curncy Bloomberg CFTC CME Euro Fx Net Non-Commercial Futures Positions EURUSD Curncy

Current Position Previous Position Chg w/w 5-yr Z-score 1-yr Z-score Current Position Previous Position Chg w/w 5-yr Z-score 1-yr Z-score 39,479 51,440 -11, ,091 -72,447 14,

Weekly IMM FX Positioning 10 August 2026 | Ian Soh |

GBPUSD NZDUSD Aug-21 May-22 Feb-23 Nov-23 Sep-24 Jun-25 Mar-26 Aug-21 May-22 Feb-23 Nov-23 Sep-24 Jun-25 Mar-26 Bloomberg CFTC CME British Pound Sterling Net Non-Commercial Futures Positions Bloomberg CFTC CME New Zealand Dollars Net Non-Commercial Futures Positions

Current Position Previous Position Chg w/w 5-yr Z-score 1-yr Z-score Current Position Previous Position Chg w/w 5-yr Z-score 1-yr Z-score -57,814 -64,814 7, ,203 -47,668 6,

USDCHF AUDUSD Aug-21 May-22 Feb-23 Nov-23 Sep-24 Jun-25 Mar-26 Aug-21 May-22 Feb-23 Nov-23 Sep-24 Jun-25 Mar-26 Bloomberg CFTC CME Swiss Franc Net Non-Commercial Futures Positions Bloomberg CFTC CME Australian Dollar Net Non-Commercial Futures Positions USDCHF Curncy AUDUSD Curncy

Current Position Previous Position Chg w/w 5-yr Z-score 1-yr Z-score Current Position Previous Position Chg w/w 5-yr Z-score 1-yr Z-score -32,822 -33, ,190 -39,964 6,