The CFTC, or Commodity Futures Trading Commission, is an independent agency of the United States government whose purpose is to regulate the American derivatives market.

Looking through the weekly report of the American CFTC commission, i.e. the Commitments of Traders report (COT), we can come across a very interesting positioning among speculators on the New Zealand dollar.

The foreign exchange market, like any other, is created by its participants, both smaller and larger. The decisions of each of them are dictated by many factors, many of which are probably immeasurable.