Weekly IMM FX Positioning

Weekly IMM FX Positioning 24 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 18 Aug 2026

● USD aggregate long positioning extended its decline, shedding another 1,348 contracts to 37,968. CAD shorts fell by 15,196 contracts to 158,166. This snapshot predates the collapse of the tariff deal with the U.S.. ● NZD and AUD continues to diverge with NZD shorts reducing 6,966 contracts to 32,620 while AUD shorts added 4,936 contracts to 44,159. ● CHF short positioning contracted modestly by 5,184 contracts to 27,278 while JPY shorts increased 10,808 contracts to 52,893, signaling that markets still see limited scope for JPY strength despite intervention risks. ● XAU long positioning extended further, adding 4,249 contracts to reach 222,189 while XAG long positioning almost unchanged at 23,625 contracts.

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

- Aug-21 May-22 Mar-23 Dec-23 Sep-24 Jun-25 Mar-26 Aug-21 May-22 Mar-23 Dec-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 37,968 39,316 -1, ,088 -60,

Weekly IMM FX Positioning 24 August 2026 | Ian Soh |

GBPUSD NZDUSD Aug-21 May-22 Mar-23 Dec-23 Sep-24 Jun-25 Mar-26 Aug-21 May-22 Mar-23 Dec-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 -54,573 -56,221 1, ,620 -39,586 6,

USDCHF AUDUSD Aug-21 May-22 Mar-23 Dec-23 Sep-24 Jun-25 Mar-26 Aug-21 May-22 Mar-23 Dec-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 -27,278 -32,462 5, ,159 -39,223 -4,