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 new multi-year long exposure to the Aussie dollar and palladium. Their net long contracts account for more than 55% of the open interest, nearing a record high dating back 20 years, however sustained rallies in the currency only tend to trigger once hedgers begin reducing their exposure in earnest. The crash in palladium caused hedgers to accumulate more than 33% of open interest, the most since 2002 and 3rd-most all-time. This year is already an outlier, though, since palladium has usually rallied when hedgers had smaller positions. Hedgers continued selling major equity index futures, now holding about $50 billion worth of contracts net short, the most in nearly 3 years.