March 9, 2018 / 9:32 PM / a year ago

UPDATE 1-Speculators boost net short dollar bets to four-week high -CFTC, Reuters

 (Adds details, comment, table, byline)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, March 9 (Reuters) - Speculators' net short dollar
bets grew to a four-week high this week, according to
calculations by Reuters and Commodity Futures Trading Commission
data released on Friday.
    The value of the net short dollar position was $11.46 
billion in the week to March 6, compared with net shorts of
$11.29 billion the previous week. Net short positioning on the
greenback has increased for a second straight week.
    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.
    To be short a currency means traders believe it will fall in
    In a wider measure of dollar positioning that
includes net contracts on the New Zealand dollar, Mexican peso,
Brazilian real, and Russian rouble, the U.S. dollar posted a net
short position valued at $14.11 billion, down from $14.51
billion the week before.
    The dollar was once again on the defensive this past week
amid concerns about the impact of hefty U.S. tariffs on steel
and aluminum on the U.S. economy.
    President Donald Trump, however, exempted Mexico and Canada,
two of the United States' major trading partners, minimizing the
impact on the dollar.
    The U.S. currency managed to hold some gains of 0.3 percent
over the last two weeks though, compared with a nearly 1 percent
gain during the previous two weeks. But so far this year, the
dollar index was down 2.2 percent 
    "Mr. Trump's bark appears to have been much worse than his
bite, and when the policy is finally enacted it may have more of
a theatrical effect rather than an economic one," said Boris
Schlossberg, managing director of FX strategy, at BK Asset
    Meanwhile, speculators' net short position on bitcoin Cboe
futures fell to 1,599 contracts, down from a net short position
of 1,833 contracts in the prior week, the data showed.
    Bitcoin was last down 2.5 percent at $9,055.04 on
the Luxembourg-based exchange Bitstamp.

    Japanese Yen (Contracts of 12,500,000 yen) 
 $10.231 billion
         06 Mar 2018            Prior week
 Long             50,057            44,539
 Short           136,902           141,190
 Net             -86,845           -96,651
EURO (Contracts of 125,000 euros)
 $-20.614 billion
         06 Mar 2018            Prior week
 Long            227,354           238,287
 Short            94,382           100,310
 Net             132,972           137,977
POUND STERLING (Contracts of 62,500 pounds sterling)
 $-0.457 billion
         06 Mar 2018           Prior week
 Long             61,368           62,924
 Short            56,104           50,237
 Net               5,264           12,687
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $1.127 billion
         06 Mar 2018           Prior week
 Long             17,945           15,888
 Short            26,422           31,887
 Net              -8,477          -15,999
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $-1.52 billion
         06 Mar 2018           Prior week
 Long             54,233           54,279
 Short            34,668           32,059
 Net              19,565           22,220
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $-0.245 billion 
         06 Mar 2018           Prior week
 Long             47,469           47,255
 Short            44,334           37,681
 Net               3,135            9,574
MEXICAN PESO (Contracts of 500,000 pesos)
 $-2.223 billion
         06 Mar 2018           Prior week
 Long            114,143          120,144
 Short            30,848           27,637
 Net              83,295           92,507
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $-0.002 billion 
         06 Mar 2018           Prior week
 Long             33,091           32,179
 Short            33,061           33,170
 Net                  30             -991
 (Reporting by Gertrude Chavez-Dreyfuss; editing by Chizu
Nomiyama and Jonathan Oatis)
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