UPDATE 1-Speculators raise net long dollar bets to highest in nearly 2 yrs -CFTC, Reuters

cnbc logo - UPDATE 1-Speculators raise net long dollar bets to highest in nearly 2 yrs -CFTC, Reuters

-CFTC, Reuters@ (Adds details, table, byline) NEW YORK, Oct 12 (Reuters) – Speculators’ net long bets on the U.S. dollar climbed to their highest since mid-December 2016 in the latest week, according to calculations by Reuters and the Commodity Futures Trading Commission released on Friday. The value of the net long dollar position was $27.79 billion in the week ended Oct. 9, up from $26.68 billion the previous week. U.S. net longs rose for a fourth straight week. Speculators have been net long the dollar for 17 consecutive weeks. U.S. dollar positioning was derived from net contracts 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 long position of $28.435 billion in the week ended Oct 9, from $27.427 billion a week earlier. The dollar continues to be supported by upbeat U.S. economic data and expectations of multiple interest rates hikes by the Federal Reserve until 2010. The U.S. currency did get hammered by the U.S. stock market sell-off, but the outlook remained bright as long as the Fed is raising rates. Since late September to Oct. 9, before the U.S. stock market meltdown, the dollar index had been up 2.2 percent. Kathy Lien, managing director of FX strategy at BK Asset Management in New York said declines in equities should not change the course for the dollar. “If the sell-off in stocks is rooted in the prospect of higher U.S. interest rates, then rising yields in U.S. should keep the dollar attractive,” she said. In the cryptocurrency market, speculators’ net short position on bitcoin Cboe futures totaled -1,372 contracts from -1,297 contracts in the latest week, data showed. Bitcoin on Friday slipped was up 0.9 percent at $6,210.66 on the Bitstamp platform. It fell more than 5 percent on Thursday in the midst of the sell-off on Wall Street.

Japanese Yen (Contracts of 12,500,000 yen) $12.542 billion

09 Oct 2018 Prior week

week

Long 47,034 56,074 Short 162,235 170,120 Net -115,201 -114,046

EURO (Contracts of 125,000 euros) $1.025 billion

09 Oct 2018 Prior week

week

Long 162,315 164,738 Short 178,457 171,839 Net -16,142 -7,101

POUND STERLING (Contracts of 62,500 pounds sterling) $4.813 billion

09 Oct 2018 Prior week

week

Long 30,186 30,786 Short 90,693 90,126 Net -60,507 -59,340

SWISS FRANC (Contracts of 125,000 Swiss francs) $1.703 billion

09 Oct 2018 Prior week

week

Long 14,990 11,848 Short 27,793 25,250 Net -12,803 -13,402

CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $1.442 billion

09 Oct 2018 Prior week

week

Long 38,867 41,940 Short 51,012 60,424 Net -12,145 -18,484

AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $5.154 billion

09 Oct 2018 Prior week

week

Long 25,596 20,470 Short 98,880 92,188 Net -73,284 -71,718

MEXICAN PESO (Contracts of 500,000 pesos) $-1.964 billion

09 Oct 2018 Prior week

week

Long 126,813 135,649 Short 52,364 61,820 Net 74,449 73,829

NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $2.017 billion

09 Oct 2018 Prior week

week

Long 15,418 10,678 Short 49,238 41,274 Net -33,820 -30,596

(Reporting by Gertrude Chavez-Dreyfuss Editing by Leslie Adler and Grant McCool)

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