Yen Positioning Flips as Speculators Bet on BoJ Rate Hike

The latest Commitment of Traders (COT) report shows a significant shift in yen positioning, with speculators flipping a sizeable short into a small net long ahead of the Bank of Japan's meeting on September 18.

This dramatic reversal in yen positioning saw speculators buy a net 103,000 contracts, equivalent to $8.4 billion, making it one of the most notable moves this week.

The Canadian dollar also attracted demand, with its net short reduced by 35% to $70,500 contracts.

In commodities, managed-money buying was concentrated in crude oil, copper, and soybeans, with the HG copper net long reaching a five-year high just ahead of the subsequent tariff-related correction.