FX.co ★ Speculators Turn Bullish on Kiwi as CFTC Net Positions Swing Positive

Speculative sentiment toward the New Zealand dollar has flipped decisively, with the latest CFTC data showing NZD net positions rising to 6.2K from a previous -8.0K. The shift, published on 11 September 2026, marks a notable move from net short to net long positioning among futures traders.

The turnaround suggests that investors have grown more optimistic on the New Zealand currency, with bearish bets being unwound and replaced by fresh long exposure. While the data does not explain the underlying drivers, the move into positive territory may signal changing expectations around New Zealand’s economic outlook, interest rate path, or relative performance against major peers.

For markets, the swing in speculative positioning can act as a sentiment barometer: a sustained build-up in net longs could provide support for the NZD, while also increasing sensitivity to any data or policy surprises that challenge this newly established bullish stance.