June 21, 2019 / 9:04 PM / 4 months ago

UPDATE 1-U.S. net long dollars drop to four-month low -CFTC, Reuters

 (Adds table, details, analyst comment)
    NEW YORK, June 21 (Reuters) - Speculators' net long dollar
position in the latest week fell to the lowest level since
mid-February, according to calculations by Reuters and U.S.
Commodity Futures Trading Commission data released on Friday.
    The value of the net long dollar position dropped to $22.596
billion in the week ended June 18, compared with $31.05 billion
in the previous week. The U.S. speculative community has reduced
net long dollar positions for four straight weeks.
    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.
    Dollar positioning fell ahead of the Federal Reserve
decision, which came out on Wednesday.
    After its meeting, the Fed on Wednesday set the stage for
interest rate cuts starting next month, saying it was ready to
counter growing global and domestic economic risks amid rising
trade tensions and weak inflation.             
    Prior to this week's meeting, a build-up of dovish rhetoric
from the Fed had pressured the dollar. Following the Fed
meeting, the dollar        this week posted its largest weekly
percentage drop in roughly 16 months.
    "While some investors expected the Fed to be dovish, no one
expected eight members to flip their views and start favoring a
rate cut this year," said Kathy Lien, managing director of FX
strategy, at BK Asset Management. 
    "Thanks to the Fed, the short-term pullback in the U.S.
dollar has now turned into a long-term top." 
    
Japanese Yen (Contracts of 12,500,000 yen) 
18 Jun 2019 week        Prior Week       
Long    28,169                 20,786       
Short    44,734                 65,951       
Net    -16,565           -45,165     

EURO (Contracts of 125,000 euros)
18 Jun 2019 week        Prior week       
Long    162,795           149,661       
Short    215,125           236,453       
Net    -52,330           -86,792     

POUND STERLING (Contracts of 62,500 pounds sterling)
18 Jun 2019 week        Prior week       
Long    33,155               33,761       
Short    85,719                     78,562       
Net    -52,564           -44,801     
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
18 Jun 2019 week        Prior week       
Long    6,317                 4,466       
Short    21,801                 29,254       
Net    -15,484          -24,788     

CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
18 Jun 2019 week        Prior week       
Long    19,796                 25,597       
Short    57,867                 58,437       
Net    -38,071          -32,840     

AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
18 Jun 2019 week        Prior week       
Long    43,352                 32,447       
Short    108,215          95,673       
Net    -64,863          -63,226     

MEXICAN PESO (Contracts of 500,000 pesos)
18 Jun 2019 week        Prior week       
Long    143,640            141,898       
Short    26,834                 40,583       
Net    116,806        101,315     

NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
18 Jun 2019 week        Prior week       
Long    19,552            23,072       
Short    44,020            39,194       
Net    -24,468        -16,122

 (Reporting by Gertrude Chavez-Dreyfuss
Editing by Tom Brown)
  
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