August 23, 2019 / 8:43 PM / 23 days ago

UPDATE 1-Speculators cut net long dollar bets to lowest in more than a year -CFTC, Reuters

 (Adds details, comment, table)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, Aug 23 (Reuters) - Speculators' net long dollar
position fell to its lowest in more than a year, according to
calculations by Reuters and U.S. Commodity Futures Trading
Commission data released on Friday.
    The value of the net long dollar position was $13.327 
billion in the week ended Aug. 20, compared with $16.7 billion
in the previous week. This week's net long dollar position was
the smallest since early July 2018, falling for a third straight
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 greenback posted a net
long position of $10.9 billion in the week ended Aug. 20,
compared with $12.31 billion the previous week.
    The dollar was pressured all week by the continued slide in
U.S. Treasury yields and the subsequent inversion in the yield
curve, a scenario some analysts believe presages
a recession.
    So far this month, the dollar has weakened by 0.8%
against a basket of six major currencies. 
    The dollar was further pummeled on Friday after a series of
tweets from President Donald Trump that further escalated trade
tensions between the United States and China.
    Philip Marey, senior U.S. strategist, at Rabobank said by
increasing friction with China, Trump will get what he wants and
that is: force the Fed to cut interest rates.
    "There is now a strong feedback loop between trade policy
and monetary policy that will force the FOMC to make more
insurance cuts in the coming months, most likely in September
and October," said Marey.
        
Japanese Yen (Contracts of 12,500,000 yen) 
 $-3.666 billion
         20 Aug 2019            Prior week
         week             
 Long             49,984            51,764
 Short            18,830            27,022
 Net              31,154            24,742
 
EURO (Contracts of 125,000 euros)
 $5.269 billion
         20 Aug 2019            Prior week
         week             
 Long            168,455           167,214
 Short           206,432           213,863
 Net             -37,977           -46,649
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $7.028 billion
         20 Aug 2019           Prior week
         week             
 Long             33,405           33,405
 Short           125,823          129,225
 Net             -92,418          -95,820
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $1.421 billion
         20 Aug 2019           Prior week
         week             
 Long              7,925            7,760
 Short            19,042           20,712
 Net             -11,117          -12,952
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $-0.979 billion
         20 Aug 2019           Prior week
         week             
 Long             47,368           50,065
 Short            34,331           35,865
 Net              13,037           14,200
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $4.254 billion 
         20 Aug 2019           Prior week
         week             
 Long             32,358           36,304
 Short            95,139           99,216
 Net             -62,781          -62,912
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-2.792 billion
         20 Aug 2019           Prior week
         week             
 Long            147,542          152,707
 Short            37,183           35,145
 Net             110,359          117,562
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $1.171 billion 
         20 Aug 2019           Prior week
         week             
 Long             21,073           20,500
 Short            39,333           33,947
 Net             -18,260          -13,447
 
 (Reporting by Gertrude Chavez-Dreyfuss; editing by Jonathan
Oatis and Cynthia Osterman)
  
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