February 26, 2019 / 9:18 PM / a month ago

UPDATE 1-Speculators add to bets U.S. dollar will rise - CFTC, Reuters

(Adds broader dollar positioning, euro, yen and franc positions)

By Kate Duguid

NEW YORK, Feb 26 (Reuters) - Speculators raised their bullish bets on the U.S. dollar in the week ended Feb. 12 to the largest position in three weeks, according to calculations by Reuters and Commodity Futures Trading Commission data released on Tuesday.

The value of the dollar’s net long position, derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars, totaled $22.15 billion in the week to Feb. 12.

That compares with a net long position of $21.76 billion the prior week.

In a wider measure of dollar positioning 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 valued at $19.09 billion, down from $21.76 billion, the prior week. Net short positions in the euro increased to 63,900 contracts in the latest week, its fourth week of gains and the largest since January 2017.

Europe’s single currency has struggled as worries grow about the state of the euro zone economy. The euro has fallen about 0.6 percent so far this month.

Net short contracts on the Japanese yen were trimmed to 30,742, the lowest since mid-June of last year. In other safe-haven currencies, short positions in the Swiss franc gained, last at 20,680.

As British Prime Minister Theresa May negotiates the UK’s exit from the European Union, bets against the pound increased in the week ended Feb. 12 to 42,944 contracts. That total represented the first week of net gains since mid-January. (Reporting by Kate Duguid, editing by G Crosse)

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