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Speculators trim net long dollar bets for 2nd week -CFTC, Reuters

ForexFeb 08, 2019 16:30
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© Reuters. Speculators trim net long dollar bets for 2nd week -CFTC, Reuters

By Gertrude Chavez-Dreyfuss

NEW YORK, Feb 8 (Reuters) - Speculators pared back their net long bets on the dollar for a second straight week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.

The value of the net long dollar position was $28.25 billion in the week ended Jan. 8, compared with $30.16 billion in the previous week. The speculative market has been long the dollar since mid-June last year.

The CFTC, which had stopped releasing the data because of the 35-day partial U.S. government shutdown, resumed on Feb. 1.

U.S. dollar positioning was derived from net contracts of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars.

In a broader measure of dollar positioning 0#NETUSDFX= that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real, and Russian ruble, the U.S. dollar posted a net long position of $27.55 billion as of Jan. 8, compared with $29.55 billion a week earlier.

The dollar has struggled since the beginning of the year as several Federal Reserve officials have started to pull back a little bit on their bullish view on U.S. interest rates and the economy. That shift in stance culminated in last week's dovish comments that suggested the U.S. central bank may have to pause its rate-hiking cycle or cut rates if the economy warrants it.

In the cryptocurrency market, speculators' net short position on bitcoin Cboe futures increased to 1,306 contracts 0#1CFTC1330E1 in the week ended Jan. 8, up from 1,230 short contracts the previous week.

Bitcoin remains entrenched in a deep slump, which began early last year, despite a recovery on Friday as the currency slid into oversold conditions.

Bitcoin was last up 7.9 percent at $3,623 BTC=BTSP on the Bitstamp platform. It has dropped roughly 80 percent since soaring to an all-time high of nearly $20,000 in December 2017.

Japanese Yen (Contracts of 12,500,000 yen) $6.97 billion

08 Jan 2019

Prior week

week

Long

42,727

32,712 Short

104,041

121,335 Net

-61,314

-88,623 EURO (Contracts of 125,000 euros) $5.782 billion

08 Jan 2019

Prior week

week

Long

146,271

148,288 Short

186,804

194,936 Net

-40,533

-46,648 POUND STERLING (Contracts of 62,500 pounds sterling) $4.861 billion

08 Jan 2019

Prior week

week

Long

27,670

35,782 Short

87,762

92,696 Net

-60,092

-56,914 SWISS FRANC (Contracts of 125,000 Swiss francs) $2.899 billion

08 Jan 2019

Prior week

week

Long

5,724

5,931 Short

28,910

31,461 Net

-23,186

-25,530 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $5.029 billion

08 Jan 2019

Prior week

week

Long

19,287

34,330 Short

85,289

84,979 Net

-66,002

-50,649 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $2.733 billion

08 Jan 2019

Prior week

week

Long

22,345

27,919 Short

60,120

54,210 Net

-37,775

-26,291 MEXICAN PESO (Contracts of 500,000 pesos) $-0.814 billion

08 Jan 2019

Prior week

week

Long

92,398

82,260 Short

61,416

72,488 Net

30,982

9,772 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $0.106 billion

08 Jan 2019

Prior week

week

Long

14,895

18,272 Short

16,433

16,310 Net

-1,538

1,962

Speculators trim net long dollar bets for 2nd week -CFTC, Reuters
 

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