![\"cot-values\"](\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2013\/06\/cot-values.png\")
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The weekly Commitments of Traders (COT) report, released on Friday by the Commodity Futures Trading Commission (CFTC), showed that large futures traders and speculators sharply scaled back their total bullish bets of the US dollar last week. This is the third straight weekly decrease for\u00a0US dollar bets after USD long positions reached their highest level on record (Reuters data) on May 28th.<\/p>\n
Non-commercial large futures traders, including hedge funds and large International Monetary Market speculators,slashed their overall US dollar long positions to a total of $14.55 billion as of Tuesday June 18th. This was a decrease from a total long position of $28.28 Billion registered on June 11th, according to position calculations by Reuters<\/a> that derives this total by the amount of US dollar positions against the combined positions of euro, British pound, Japanese yen, Australian dollar, Canadian dollar and the Swiss franc.<\/p>\n See Full COT Report and Charts Here…<\/span><\/strong><\/a><\/p>\n The US dollar surged against the other major currencies in forex trading<\/a> action last week as Federal Reserve Chairman Ben Bernanke\u2019s comments and outlook rocked the financial markets. Mr. Bernanke said the US Fed bond-buying program could possibly be scaled back in 2013 and likely to wrap up in 2014 if growth, employment and inflation data all continue to improve. The end of this program is seen as US dollar positive and helped the US dollar gain ground against all the other major currencies last week.<\/p>\n Looking forward to this week, the question will be whether last week\u2019s US dollar strength will extend into this week and, perhaps, beyond.<\/p>\n
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\nUS Dollar surged last week vs major currencies on Fed Outlook<\/h2>\n
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