REFILE-UPDATE 1-Speculators raise net shorts vs sterling ahead of 'Brexit' - CFTC data

viernes 24 de junio de 2016 16:57 GYT

(Refiles to correct 3rd paragraph to say 'long bets', not 'net
long bets')
    June 24 (Reuters) - Currency speculators increased their net
short positions against the British pound in the week before the
United Kingdom voted to exit the European Union, according to
data from the Commodity Futures Trading Commission released on
    The number of contracts for net short positions against the
pound rose by more than 15,000 for the week ending June 21. That
was still well below a five-year high touched during the week
ending June 7 when net short positions rose to more than 66,000.
    While net shorts rose overall, it was due to a reduction in
long bets rather than an increase in shorts. The number of short
bets actually decreased by almost 5,000 contracts, data showed,
but long bets fell by nearly 20,000. 
    There were a total of 51,947 net shorts against sterling in
the last week for a total value of negative-$4.75 billion. The
positions were tracked through Tuesday, two days before Britain
held its landmark vote in which citizens decided to leave the
European Union on Thursday. 
    To be short a currency is to bet it will decline in value,
while being long is to wager that its value will rise.
    Sterling fell to its lowest level against the U.S. dollar in
31 years on Friday, following the 'Brexit' vote. It plunged as
much as 10 percent from its late Thursday levels to $1.3228,
hitting its weakest level since before the 1985 Plaza Accord.
    Speculators raised their net long bets on the U.S. dollar to
$6.62 billion. Investors had cut bets by nearly $8 billion the
week before to around $2.7 billion, the smallest net long
positions since April 12.
    Net long positions on Japan's yen, a traditional safe-haven
currency, decreased during the week.
    The Reuters calculation for the aggregate U.S. dollar
position is derived from net positions of International Monetary
speculators in the yen, euro, British pound, Swiss franc and
Canadian and Australian dollars.
Japanese Yen (Contracts of 12,500,000 yen) 
 $-6.242 billion
         June 21, 2016          Prior week
 Long             79,398            77,703
 Short            27,102            22,013
 Net              52,296            55,690
EURO (Contracts of 125,000 euros)
 $8.619 billion
         June 21, 2016          Prior week
 Long             88,639           104,510
 Short           149,985           160,999
 Net             -61,346           -56,489
POUND STERLING (Contracts of 62,500 pounds sterling)
 $4.755 billion
         June 21, 2016         Prior week
 Long             41,707           61,706
 Short            93,654           98,367
 Net             -51,947          -36,661
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $-0.829 billion
         June 21, 2016         Prior week
 Long             24,016           28,492
 Short            17,635           21,362
 Net               6,381            7,130
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $-0.202 billion
         June 21, 2016         Prior week
 Long             40,664           42,394
 Short            38,069           23,954
 Net               2,595           18,440
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $0.524 billion 
         June 21, 2016         Prior week
 Long             38,611           39,512
 Short            45,654           46,290
 Net              -7,043           -6,778
MEXICAN PESO (Contracts of 500,000 pesos)
 $1.85 billion
         June 21, 2016         Prior week
 Long             13,509           16,894
 Short            82,389           82,513
 Net             -68,880          -65,619
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $0.217 billion 
         June 21, 2016         Prior week
 Long             30,013           29,558
 Short            33,058           33,376
 Net              -3,045           -3,818
 (Reporting by Dion Rabouin; Editing by Leslie Adler)