June 2, 2017 / 8:32 PM / 3 months ago

UPDATE 1-Dollar net longs fall to 9-month low; euro longs at 6-year high -CFTC, Reuters

 (Adds table, comment, byline, details on the euro, dollar
    By Gertrude Chavez-Dreyfuss
    NEW YORK, June 2 (Reuters) - Net long positions on the U.S.
dollar fell sharply in the latest week to their lowest since
September, according to calculations by Reuters and Commodity
Futures Trading Commission data released on Friday.
    The value of the dollar's net long position slid to $7.53
billion in the week ended May 30, from $8.25 billion the
previous week.
    The dollar has been on a downward spiral so far this year,
losing more than 5 percent of its value against a basket of six
major currencies, despite the Federal Reserve being on
tightening path compared with other major central banks.
    Problems related to U.S. Donald Trump's administration have
weighed on the dollar as well as a lackluster batch of U.S.
economic data this year, such as Friday's weaker-than-expected
U.S. nonfarm payrolls report for May.
    After the jobs data, interest rate futures on Friday priced
in a 96 percent chance of a Fed rate increase on June 14,
according to the CME's FedWatch.
    "U.S. data hasn't been great and even if the Fed hikes they
won't provide any strong guidance on future tightening, which
would be disappointing to dollar bulls," said Kathy Lien, 
managing director of FX strategy at BK Asset Management in New
    "But the hike won't help the dollar unless the Fed suggests
that more tightening is on the way which is unlikely given the
lack of progress on tax cuts and fiscal spending -- two things
that are crucial to ongoing optimism from the Fed," she added. 
    The euro zone, on the other hand, is a different story, with
euro net longs rising to a more than six-year high, CFTC data
    Since the last European Central Bank meeting late April, the
euro zone economy has seen improvements and as a result,
euro/dollar has risen nearly 4 percent.
    The Reuters calculation for the aggregate U.S. dollar
position is derived from net positions of International Monetary
Market speculators in the yen, euro, British pound, Swiss franc
and Canadian and Australian dollars.
Japanese Yen (Contracts of 12,500,000 yen) 
 $5.896 billion
         May 30, 2017           Prior week
 Long             43,404            41,920
 Short            95,679            93,576
 Net             -52,275           -51,656
EURO (Contracts of 125,000 euros)
 $-10.186 billion
         May 30, 2017           Prior week
 Long            176,226           175,032
 Short           103,357           110,187
 Net              72,869            64,845
POUND STERLING (Contracts of 62,500 pounds sterling)
 $2.383 billion
         May 30, 2017          Prior week
 Long             45,574           49,166
 Short            75,225           73,033
 Net             -29,651          -23,867
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $2.374 billion
         May 30, 2017          Prior week
 Long              8,735            6,118
 Short            27,247           25,903
 Net             -18,512          -19,785
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $7.296 billion
         May 30, 2017          Prior week
 Long             23,711           29,681
 Short           121,898          128,790
 Net             -98,187          -99,109
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $-0.229 billion 
         May 30, 2017          Prior week
 Long             43,148           42,892
 Short            40,081           40,257
 Net               3,067            2,635
MEXICAN PESO (Contracts of 500,000 pesos)
 $-2.005 billion
         May 30, 2017          Prior week
 Long            112,479           98,609
 Short            37,477           44,311
 Net              75,002           54,298
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $0.393 billion 
         May 30, 2017          Prior week
 Long             16,886           14,018
 Short            22,425           23,235
 Net              -5,539           -9,217
 (Reporting by Gertrude Chavez-Dreyfuss; Editing by David
Gregorio and Lisa Shumaker)

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