June 23, 2017 / 8:43 PM / a month ago

UPDATE 1-Speculators raise net long U.S. dollars; euro longs fall -CFTC, Reuters

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 (Adds details on dollar, euro contracts, table, comments,
    By Gertrude Chavez-Dreyfuss
    NEW YORK, June 23 (Reuters) - Speculators boosted net long
positions on the U.S. dollar, after slashing them the previous
week to their lowest level since last August, according to
calculations by Reuters and data from Commodity Futures Trading
Commission released on Friday. 
    The value of the dollar's net long position rose to $7.82
billion in the week ended June 20, from $6.48 billion the
previous week. The previous week's net long dollar position was
the lowest since the third week of August last year.
    Last week's interest rate hike by the Federal Reserve along
with its hawkish statement have spurred speculators buy back
dollars again.
    Influential New York Fed President William Dudley also added
to the hawkish tone on Monday, saying U.S. inflation is a bit
low but should rebound alongside wages as the labor market
continues to improve.
    That affirms the Fed's message that a recent patch of weak
data is unlikely to derail plans to keep raising interest rates.
    "Since last week's FOMC (Federal Open Market Committee)
decision, the dollar has begun to stage a more meaningful
rebound after having been heavily pressured for more than a
month," said James Chen, head of research, at Forex.com in
Bedminster, New Jersey.
    "The dollar's latest attempt at a rebound has translated
into what appears to be a rough topping pattern for
    The dollar index though was still down 4.8 percent on the
    Euro net longs, meanwhile, fell to a one-month low after
hitting a more than six-year high the previous week, CFTC data
showed. This week, euro net longs fell to 44,852 contracts, from
79,053 the previous week.
    Analysts said the euro has been a casualty of recent dollar
    While the data and overall performance of the euro zone's
private sector economy remain robust, the latest fall in
manufacturing sector data along with evidence that firms cut
prices again in June could prompt the European Central Bank to
delay reducing monetary stimulus. 
    "Such a scenario would likely limit some of the euro's gains
going forward," said Omer Esiner, chief market analyst at
Commonwealth Foreign Exchange in Washington.
    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) 
 $5.605 billion
         June 20, 2017          Prior week
 Long             39,498            34,160
 Short            89,457            84,713
 Net             -49,959           -50,553
EURO (Contracts of 125,000 euros)
 $-6.242 billion
         June 20, 2017          Prior week
 Long            167,245           164,227
 Short           122,393            85,174
 Net              44,852            79,053
POUND STERLING (Contracts of 62,500 pounds sterling)
 $2.968 billion
         June 20, 2017         Prior week
 Long             50,625           40,552
 Short            88,229           79,993
 Net             -37,604          -39,441
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $0.382 billion
         June 20, 2017         Prior week
 Long             11,275            8,518
 Short            14,257           22,978
 Net              -2,982          -14,460
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $6.249 billion
         June 20, 2017         Prior week
 Long             28,507           26,781
 Short           111,388          115,376
 Net             -82,881          -88,595
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $-1.139 billion 
         June 20, 2017         Prior week
 Long             42,272           33,134
 Short            27,239           34,645
 Net              15,033           -1,511
MEXICAN PESO (Contracts of 500,000 pesos)
 $-1.347 billion
         June 20, 2017         Prior week
 Long            125,659          123,468
 Short            76,674           27,654
 Net              48,985           95,814
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $-1.553 billion 
         June 20, 2017         Prior week
 Long             38,388           27,261
 Short            16,933           25,666
 Net              21,455            1,595
 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa
Shumaker and Marguerita Choy)

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