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UPDATE 1-Speculators cut net long U.S. dollars to five-month low -CFTC, Reuters
March 3, 2017 / 9:28 PM / 9 months ago

UPDATE 1-Speculators cut net long U.S. dollars to five-month low -CFTC, Reuters

 (Adds comments, details, byline, table)
    By Gertrude Chavez-Dreyfuss
    March 3 (Reuters) - Speculators reduced bullish bets on the
U.S. dollar in the latest week, pushing net longs to their
lowest since early October, according to Commodity Futures
Trading Commission data released on Friday and calculations by
Reuters.
    The value of the dollar's net long position totaled $13.01
billion in the week ended Feb. 28, from $15.02 billion the
previous week.
    Analysts said this week's decline in net long dollar
positioning could be temporary in the wake of stronger signals
by the Federal Reserve that it may raise rates this month.
    On Friday, Fed Chair Janet Yellen gave her strongest signal
yet that the U.S. central bank could nudge rates higher when it
meets this month.
    "At our meeting later this month, the committee will
evaluate whether employment and inflation are continuing to
evolve in line with our expectations, in which case a further
adjustment of the federal funds rate would likely be
appropriate," Yellen said at a business luncheon in Chicago.
    Several of Yellen's colleagues at the Fed have also been
signaling a move in March the past several weeks.
   "The (dollar) bulls are finally listening to the cohesiveness
of Fed officials who have been saying all along (doves and
hawks) that conditions are prime for tightening," said Kathy
Lien, managing director of FX strategy at BK Asset Management in
New York.
    The dollar fell on Friday in the wake of Yellen's remarks,
but that is more due to profit-taking since traders before the
Fed chair's remarks wagered that she would strike a hawkish
tone.
    According to Fed fund futures date, the odds of a rate hike
this month sits at 90 percent, compared with 40 percent the week
before.
    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) 
 $5.545 billion
         Feb. 28, 2017          Prior week
         week             
 Long             29,012            29,954
 Short            79,029            80,116
 Net             -50,017           -50,162
 
EURO (Contracts of 125,000 euros)
 $6.763 billion
         Feb. 28, 2017          Prior week
         week             
 Long            143,584           130,981
 Short           194,748           189,232
 Net             -51,164           -58,251
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $5.468 billion
         Feb. 28, 2017         Prior week
         week             
 Long             43,329           38,253
 Short           114,000          104,605
 Net             -70,671          -66,352
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $1.469 billion
         Feb. 28, 2017         Prior week
         week             
 Long              3,569            6,945
 Short            15,383           15,881
 Net             -11,814           -8,936
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $-2.263 billion
         Feb. 28, 2017         Prior week
         week             
 Long             63,125           58,780
 Short            33,035           34,196
 Net              30,090           24,584
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $-3.975 billion 
         Feb. 28, 2017         Prior week
         week             
 Long             95,696           88,768
 Short            43,781           55,246
 Net              51,915           33,522
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $1.139 billion
         Feb. 28, 2017         Prior week
         week             
 Long             39,057           35,125
 Short            84,840           91,606
 Net             -45,783          -56,481
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $-0.211 billion 
         Feb. 28, 2017         Prior week
         week             
 Long             37,198           35,252
 Short            34,261           32,094
 Net               2,937            3,158
 
 (Reporting by Gertrude Chavez-Dreyfuss, editing by G Crosse and
Lisa Shumaker)
  

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