July 21, 2017 / 9:37 PM / in a year

UPDATE 1-Speculators sour on U.S. dollar, yen shorts press on -CFTC, Reuters

 (Adds details on dollar, yen, euro contracts, comments, tabular
    By Saqib Iqbal Ahmed
    NEW YORK, July 21 (Reuters) - Speculators' bets on the U.S.
dollar swung to a net short for the first time in more than a
year, according to calculations by Reuters and Commodity Futures
Trading Commission data released on Friday.
    The value of the dollar's net short position, derived from
net positions of International Monetary Market speculators in
the yen, euro, British pound, Swiss franc and Canadian and
Australian dollars, was $1.91 billion, in the week ended July
    That compares with a net long position of $62.5 million the
previous week, and is the most short since mid-May 2016.
    In a wider measure of dollar positioning that includes net
futures contracts in the New Zealand dollar, Mexican peso,
Brazilian real, and Russian ruble, the U.S. dollar posted a net
short position valued at $7.67 billion, the largest since
February 2013.
    "This negative positioning reflects a change in sentiment
surrounding the path of the dollar," said Sireen Harajli, FX
strategist at Mizuho in New York.
    "There has been quite a bit of uncertainty regarding the
U.S. economy going forward, mainly because of the generally
weaker economic performance, as well as high uncertainty
regarding policy initiatives by the new administration," she
    The greenback hit its lowest in more than a year against a
basket of major rivals on Friday, a day after the European
Central Bank's chief abstained from talking down the euro, while
obstacles to U.S. President Donald Trump's policy agenda also
    Investigations into alleged Russian meddling in the 2016
U.S. presidential election and possible collusion with Trump's
campaign are viewed as obstacles to the administration's
pro-growth agenda and negative for the dollar.
    Net long positioning on the euro rose to 91,321 contracts,
the highest in more than six years.
    Traders' expectations that the ECB was staying the course
toward tightening monetary policy and better-than-expected
economic data in the euro zone has been supportive of the single
currency, Harajli said.
    Japanese yen net shorts, meanwhile, grew to their largest
since January 2014, with 126,919 contracts, CFTC data showed.
    The Bank of Japan sticking to a dovish message even as major
central banks have signaled a little bit of a shift toward a
more hawkish stance, is one of the reasons why investors are
looking for a weaker yen, Harajli said.
    Speculators this week turned bullish toward the Canadian
dollar and positioning on the loonie turned net long for the
first time since mid-March.
    Japanese Yen (Contracts of 12,500,000 yen) 
 $14.157 billion
         July 18, 2017          Prior week
 Long             37,419            40,778
 Short           164,338           152,903
 Net            -126,919          -112,125
EURO (Contracts of 125,000 euros)
 $-13.187 billion
         July 18, 2017          Prior week
 Long            199,540           190,267
 Short           108,219           106,479
 Net              91,321            83,788
POUND STERLING (Contracts of 62,500 pounds sterling)
 $1.342 billion
         July 18, 2017         Prior week
 Long             50,883           46,614
 Short            67,356           70,752
 Net             -16,473          -24,138
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $0.48 billion
         July 18, 2017         Prior week
 Long             13,832           10,359
 Short            17,499           10,151
 Net              -3,667              208
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $-0.637 billion
         July 18, 2017         Prior week
 Long             60,000           46,080
 Short            51,957           54,684
 Net               8,043           -8,604
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $-4.065 billion 
         July 18, 2017         Prior week
 Long             69,075           55,950
 Short            17,719           19,144
 Net              51,356           36,806
MEXICAN PESO (Contracts of 500,000 pesos)
 $-3.22 billion
         July 18, 2017         Prior week
 Long            130,155          125,291
 Short            17,616           27,432
 Net             112,539           97,859
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $-2.644 billion 
         July 18, 2017         Prior week
 Long             44,257           45,435
 Short             8,276           13,530
 Net              35,981           31,905

 (Reporting by Saqib Iqbal Ahmed; Editing by Diane Craft and
Chris Reese)
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