New Zealand dollar COT report
This page tracks speculative positioning in CME New Zealand Dollar futures: the latest net position, the weekly change, the long-short split and where the reading sits within stored history. The kiwi is the smallest of the major currency futures, so its positioning can reach extremes faster than the others.
01 —— Latest positioning
02 —— Weekly history
The contract: New Zealand Dollar futures (6N)
The 6N contract on the CME prices the kiwi in US cents. It is the thinnest of the eight major currency futures, which means the non-commercial net position can represent a larger share of the whole market — extremes here are more common and can persist longer than in deeper contracts.
Small size also means single large traders can move the numbers. Read the weekly change with that in mind: a jump that would be remarkable in 6E can be routine in 6N.
What drives speculative kiwi positioning
Reserve Bank of New Zealand policy is the core domestic driver, and the RBNZ has a history of moving earlier and more decisively than its peers, which makes kiwi positioning unusually sensitive to New Zealand's own data. Dairy prices — New Zealand's signature export — add a commodity channel that no other major currency shares.
Like the aussie, the kiwi trades as a risk proxy, but its smaller size amplifies the effect. In global risk-off episodes, 6N shorts tend to build faster and reach further than in 6A.
Reading 6N against NZDUSD
Because currency futures are quoted in US dollars per unit of the foreign currency, the lean reads directly onto pairs like EURUSD: a net long futures position is a bullish lean on the pair, a net short position a bearish one. No conversion is needed — what you see above is the direction speculators are positioned for.
The most useful comparison on this site is kiwi versus aussie positioning. When 6N and 6A diverge — one building longs while the other builds shorts — the market is pricing a New Zealand-specific story, and AUDNZD is usually where that view is expressed most directly.
How StraviaX uses kiwi positioning
New Zealand dollar COT feeds the conviction layer on NZDUSD and the NZD crosses. The contract's thinness means single-week extremes are weighted cautiously, with more attention paid to the direction of travel over several reports, and positioning never moves the headline score.
How StraviaX calculates this
The figures come from the CFTC Commitments of Traders report, non-commercial (speculative) positions in the listed futures contract. The data is as of Tuesday and published on Friday; this page shows both dates and flags the data as delayed when the latest report is more than ten days old.
The range position compares the current net position only with the history StraviaX has stored (since January 2026; gold since May 2026). It is labelled honestly — "within its range since January 2026" — and is never described as a one-year or three-year extreme until the stored history covers that span.
Inside StraviaX, COT positioning shapes the conviction label on a pair read. It never drives the headline macro score, which is built from rates, growth, inflation, spending, labour data and data surprises.
Frequently asked questions
What is the New Zealand dollar COT report?
The CFTC's weekly positioning data for CME New Zealand Dollar futures. This page shows the speculative net position, its weekly change and its place in stored history.
What does net long 6N mean for NZDUSD?
Speculators are positioned for the kiwi to rise against the dollar — a bullish NZDUSD lean. Net short means a bearish lean.
Why does kiwi positioning reach extremes more often?
6N is the thinnest major currency futures contract, so the speculative net position is a larger share of the market and single traders can shift it. Extremes are more common and can last longer.
When is kiwi COT data released?
Every Friday, as of the previous Tuesday. The page shows both the report date and the release date, and flags the data if the latest report is more than ten days old.
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For information only, not investment advice. See the disclaimer.