Reuters logo
UPDATE 1-Speculators cut negative dollar positions to lowest since July -CFTC, Reuters
November 17, 2017 / 9:44 PM / a month ago

UPDATE 1-Speculators cut negative dollar positions to lowest since July -CFTC, Reuters

 (Adds data, tables)
    By Dion Rabouin
    Nov 17 (Reuters) - Speculators cut their bearish bets on the
U.S. dollar for the seventh straight week, with the net negative
value of positions against the greenback falling to a four-month
low.
    Calculations by Reuters of data from the Commodity Futures
Trading Commission (CFTC) showed bets on the dollar totaled
negative $643 million, the lowest since mid-July when
speculators held a net-positive position in the dollar.
    Short bets against the dollar have extended their decline as
the year has progressed and bets on another U.S. interest rate
increase from the Federal Reserve have been almost entirely
priced into the dollar.
    Fed funds futures rates show market investors see a 91.5
percent chance of a rate hike at the Fed's next meeting in
December, raising the U.S. overnight interest rate to 1.25-1.50
percent, while 8.5 percent see an increase to 1.50-1.75 percent
and zero percent of investors see the rate remaining at its
current 1.00-1.25 percent level.
    Speculators' net short position in the Japanese yen grew to
its largest since December 2013 as traders continued to bet that
the yen would fall.
    Investors' preference for borrowing at low rates in one
currency to invest in another with higher returns creates
selling pressure on low-yielding currencies such as the yen.
    To be long a currency means making a bet that the currency
will appreciate, while to be short a currency means betting that
it will depreciate in value.
    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.
    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 negative $2.41 billion, compared with
negative $3.69 billion a week earlier. 
    That is the closest speculators' bets on the dollar have
been to even in that metric since they were net-positive on June
30.
    
Japanese Yen (Contracts of 12,500,000 yen) 
 $14.986 billion
         Nov. 14, 2017          Prior week
         week             
 Long             49,347            54,336
 Short           185,346           182,184
 Net            -135,999          -127,848
 
EURO (Contracts of 125,000 euros)
 $-12.472 billion
         Nov. 14, 2017          Prior week
         week             
 Long            200,023           181,335
 Short           115,437            95,880
 Net              84,586            85,455
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $0.373 billion
         Nov. 14, 2017         Prior week
         week             
 Long             53,147           50,403
 Short            57,680           59,601
 Net              -4,533           -9,198
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $3.536 billion
         Nov. 14, 2017         Prior week
         week             
 Long             19,470           19,568
 Short            47,453           44,678
 Net             -27,983          -25,110
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $-3.719 billion
         Nov. 14, 2017         Prior week
         week             
 Long             70,473           75,460
 Short            23,138           24,571
 Net              47,335           50,889
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $-3.359 billion 
         Nov. 14, 2017         Prior week
         week             
 Long             73,155           75,144
 Short            29,123           29,707
 Net              44,032           45,437
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-1.632 billion
         Nov. 14, 2017         Prior week
         week             
 Long             92,961           88,731
 Short            30,428           31,756
 Net              62,533           56,975
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $0.817 billion 
         Nov. 14, 2017         Prior week
         week             
 Long             18,146           18,943
 Short            30,037           30,130
 Net             -11,891          -11,187
 

 (Reporting by Dion Rabouin, editing by G Crosse)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below