July 9, 2018 / 9:04 PM / 3 months ago

UPDATE 1-Speculators boost bullish bets on U.S. dollar -CFTC, Reuters

 (Adds details, table)
    NEW YORK, July 9 (Reuters) - Speculators raised bullish bets
on the U.S. dollar to the largest position since mid-May last
year, according to calculations by Reuters and Commodity Futures
Trading Commission data released on Monday.
    The value of the net long dollar position was $13.16 billion
in the week ended July 3, up from $11.03 billion the previous
week. Speculators were net long dollars for a third straight
week, after being short for 48 consecutive weeks.
    To be long a currency means traders believe it will rise in
value, while being short points to a bearish bias.
    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 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 $15.30 billion, compared with a short
position valued at $13.04 billion a week earlier.
    U.S. dollar sentiment has improved over the last few months
due to an improving economic backdrop and expectations for
further gains have been reinforced after the Federal Reserve
signaled two more interest rate hikes this year a few weeks ago.
    The dollar index, which measures the greenback
against a basket of six currencies, was up about 2 percent for
the year.
    On Monday, the index was little changed at 94.067.
    Sterling net short bets grew to 28,781 contracts, the
largest short position since September 2017, CFTC data showed.
    The greenback gained against the British pound on
Monday, after two euroskeptic ministers announced their
resignation from UK Prime Minister Theresa May's cabinet,
leaving the British leader's Brexit plans in chaos.
    Speculators' bets on the Canadian dollar, meanwhile, was at
a net short position of 49,448 contracts, the largest short
position since June 2017, the data showed.
    The Canadian dollar weakened against the greenback on
Monday, pulling back from a nearly four-week high, as investors
weighed whether cautious language might accompany an expected
Bank of Canada interest rate hike this week.
    Speculators' net short position on bitcoin Cboe futures grew
to 1,501 contracts from a net short position of 1,368 the
previous week, the data showed.
    
    Japanese Yen (Contracts of 12,500,000 yen) 
 $4.378 billion
         03 Jul 2018            Prior week
         week             
 Long             49,990            44,430
 Short            88,720            78,651
 Net             -38,730           -34,221
 
EURO (Contracts of 125,000 euros)
 $-5.354 billion
         03 Jul 2018            Prior week
         week             
 Long            189,005           190,147
 Short           152,258           156,243
 Net              36,747            33,904
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $2.373 billion
         03 Jul 2018           Prior week
         week             
 Long             43,775           41,491
 Short            72,556           63,072
 Net             -28,781          -21,581
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $5.101 billion
         03 Jul 2018           Prior week
         week             
 Long              9,599           13,242
 Short            50,093           51,273
 Net             -40,494          -38,031
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $3.764 billion
         03 Jul 2018           Prior week
         week             
 Long             26,934           40,866
 Short            76,382           73,665
 Net             -49,448          -32,799
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $2.897 billion 
         03 Jul 2018           Prior week
         week             
 Long             35,061           33,105
 Short            74,291           74,083
 Net             -39,230          -40,978
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-0.152 billion
         03 Jul 2018           Prior week
         week             
 Long             60,815           61,775
 Short            54,900           74,285
 Net               5,915          -12,510
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $1.783 billion 
         03 Jul 2018           Prior week
         week             
 Long             14,522           14,898
 Short            40,926           32,460
 Net             -26,404          -17,562
 
 (Reporting by Saqib Iqbal Ahmed
Editing by James Dalgleish)
  
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