May 15, 2020 / 8:05 PM / 11 days ago

UPDATE 1-Speculators' bearish bets on U.S. dollar shrink -CFTC, Reuters data

 (Adds byline, details, strategist's comment, table)
    By Saqib Iqbal Ahmed
    NEW YORK, May 15 (Reuters) - Speculators' net bearish bets
on the U.S. dollar shrank to the smallest position in seven
weeks in the latest week, according to calculations by Reuters
and U.S. Commodity Futures Trading Commission data released on
Friday.
    The value of the net short dollar position was $9.08 billion
for the week ended May 12, compared with a net short position of
$9.15 billion for the prior week.
    U.S. dollar positioning was derived from net contracts of
International Monetary Market speculators in the Japanese yen,
euro, British pound, Swiss franc, and Canadian and Australian
dollars.
    To be long on a currency means traders believe it will rise
in value, while being short points to a bearish bias.
    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
short position valued at $8.06 billion, compared with a net
short position of $8.35 billion a week earlier.
    Increased worries about a second wave of coronavirus
infections and a gloomy outlook for economic data rattled
investors in recent sessions providing some support to the
greenback.
    The U.S. Dollar Currency Index, which measures the
greenback’s strength against six other major currencies, was on
pace to finish the week up 0.7%, its best weekly gain in six
weeks.
    The index is about 2.5% shy of a more than three-year high
hit in late March.
    On Friday, data showed U.S. retail sales endured a second
straight month of record declines in April as the coronavirus
pandemic kept Americans at home, putting the economy on track
for its biggest contraction in the second quarter since the
Great Depression. 
    "Haven assets have fared solidly this week as markets price
in a longer road to recovery," said Joe Manimbo, senior market
analyst at Western Union Business Solutions in Washington.      
    
    Japanese Yen (Contracts of 12,500,000 yen) 
 $-3.192 billion
         12 May 2020            Prior week
         week             
 Long             56,307            56,634
 Short            28,370            29,420
 Net              27,937            27,214
 
EURO (Contracts of 125,000 euros)
 $-10.337 billion
         12 May 2020            Prior week
         week             
 Long            171,980           169,272
 Short            93,840            92,973
 Net              78,140            76,299
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $0.933 billion
         12 May 2020           Prior week
         week             
 Long             31,525           28,096
 Short            45,213           40,101
 Net             -13,688          -12,005
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $-1.001 billion
         12 May 2020           Prior week
         week             
 Long             12,624           12,967
 Short             5,976            5,176
 Net               6,648            7,791
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $2.282 billion
         12 May 2020           Prior week
         week             
 Long             16,995           17,007
 Short            49,241           49,059
 Net             -32,246          -32,052
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $2.151 billion 
         12 May 2020           Prior week
         week             
 Long             23,719           23,541
 Short            59,144           56,996
 Net             -35,425          -33,455
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-0.148 billion
         12 May 2020           Prior week
         week             
 Long             22,491           31,184
 Short            27,611           24,075
 Net              -5,120            7,109
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $0.905 billion 
         12 May 2020           Prior week
         week             
 Long             11,953           12,042
 Short            27,831           26,995
 Net             -15,878          -14,953
      




 (Reporting by Saqib Iqbal Ahmed; Editing by Leslie Adler)
  
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