COT update: Silver jumps despite lack of speculative support as FX attention turns to the yen

Forex Market Update: Dollar Positions and Currency Movements

During the latest reporting period, overall dollar holdings against eight IMM futures contracts remained largely unchanged. This stability followed a significant reaction from traders, who offloaded 21,000 euro contracts—valued at approximately $3.1 billion—in response to ongoing tensions between the US and EU regarding Greenland.

As the week progressed, the euro staged a notable rebound after the announcement of Trump’s TACO, shifting market focus. By Friday, attention had shifted to a dramatic surge in the yen. The Japanese currency gained considerable strength after both the Bank of Japan and, subsequently, the Federal Reserve reached out to trading desks for pricing information—a move often interpreted as a possible signal of forthcoming intervention.