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UPDATE 1-Speculators up net long dollar bets to highest in four weeks -CFTC, Reuters data
March 10, 2017 / 9:29 PM / in 7 months

UPDATE 1-Speculators up net long dollar bets to highest in four weeks -CFTC, Reuters data

 (Adds table, details, comment, byline)
    By Gertrude Chavez-Dreyfuss
    March 10 (Reuters) - Speculators boosted bullish bets on the
U.S. dollar in the latest week, lifting net longs to their
highest level since early February, according to Commodity
Futures Trading Commission data released on Friday and
calculations by Reuters.
    The value of the dollar's net long position totaled $15.26
billion in the week ended March 7, up from $13.01 billion the
previous week. It was the highest level in four weeks.
    The increase in net long dollar positioning was expected
after Federal Reserve Chair Janet Yellen last Friday gave her
strongest signal yet that the U.S. central bank could lift
interest rates when it meets on March 14-15. 
    Yellen's signal plus Friday's upbeat U.S. non-farm payrolls
report for February, which showed new jobs of 235,000, have
reinforced expectations of an interest rate hike next week.

    "We had thought that only a collapse in wages, which was not
showing up in data leading to today's report, would keep the Fed
at bay next week," said Marvin Loh, senior global markets
strategist at BNY Mellon in Boston. "Therefore the report
provides an all-clear to a Fed that seems to badly want to start
the normalization process."
    Fed fund futures late on Friday showed a 93 percent chance
of a rate hike next week, according to the CME's FedWatch.
    The dollar fell on Friday even after the robust U.S. jobs
number, but analysts said the good news had already been priced
in for now. 
    Net shorts on the euro also rose, to 59,501 contracts, the
largest since early January, data showed.
    The Reuters calculation for the aggregate U.S. dollar
position is derived from net positions of International Monetary
Market speculators in the yen, euro, British pound, Swiss franc
and Canadian and Australian dollars.
    
Japanese Yen (Contracts of 12,500,000 yen) 
 $6 billion
         07 Mar 2017            Prior week
         week             
 Long             39,203            29,012
 Short            93,903            79,029
 Net             -54,700           -50,017
 
EURO (Contracts of 125,000 euros)
 $7.858 billion
         07 Mar 2017            Prior week
         week             
 Long            137,662           143,584
 Short           197,163           194,748
 Net             -59,501           -51,164
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $6.209 billion
         07 Mar 2017           Prior week
         week             
 Long             61,847           43,329
 Short           143,284          114,000
 Net             -81,437          -70,671
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $1.236 billion
         07 Mar 2017           Prior week
         week             
 Long             12,718            3,569
 Short            22,734           15,383
 Net             -10,016          -11,814
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $-2.178 billion
         07 Mar 2017           Prior week
         week             
 Long             65,616           63,125
 Short            36,396           33,035
 Net              29,220           30,090
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $-3.866 billion 
         07 Mar 2017           Prior week
         week             
 Long             85,221           95,696
 Short            34,243           43,781
 Net              50,978           51,915
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $1.097 billion
         07 Mar 2017           Prior week
         week             
 Long             38,707           39,057
 Short            81,465           84,840
 Net             -42,758          -45,783
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $0.307 billion 
         07 Mar 2017           Prior week
         week             
 Long             27,207           37,198
 Short            31,632           34,261
 Net              -4,425            2,937
 
 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu
Nomiyama and Leslie Adler)
  

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