The latest Commitments of Traders report was released, covering positions through Tuesday

The 3-Year Min/Max Screen shows that "smart money" commercial hedgers established a multi-year high net long position in the Mexican peso, accounting for nearly 25% of open interest. The Backtest Engine shows that forward returns were better when hedgers reversed a net long position. When it crossed back below zero, the peso gained 64% of the time over the next 2 months. Hedgers sold hogs aggressively, now holding more than 27% of open interest net short, nearly a record amount of short exposure. Whenever it was below 25% net short, hogs were positive 6 months later only 24% of the time per the Backtest Engine. Their positions in 10-year Treasuries, 30-year Treasuries, and major stock indexes were just minor reversals from prior weeks and not giving much of a signal.