June 7, 2019 / 8:20 PM / 8 days ago

UPDATE 1-Speculators trim bullish bets on U.S. dollar -CFTC, Reuters

 (Adds broader positioning, table)
    By Kate Duguid
    NEW YORK, June 7 (Reuters) - Speculators reduced their
bullish bets on the U.S. dollar in the latest week to the
smallest position since early April, according to calculations
by Reuters and Commodity Futures Trading Commission data
released on Friday. 
    The value of the dollar's net long position, derived from
net positions of International Monetary Market speculators in
the yen, euro, British pound, Swiss franc and Canadian and
Australian dollars, was $33.32 billion in the week to June 4.
    That compares with a net long position of $34.61 billion the
previous week. The U.S. speculative community has been net long
dollars since mid-July last year.
    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
short position valued at $30.97 billion, down from $31.33
billion, a week earlier.
    The CFTC data, which captures positioning through Tuesday,
reflects the 0.9% fall in the dollar index over that
period on increased expectations that the Federal Reserve will
cut interest rates in 2019. 
    Fed Chair Jerome Powell dropped his standard reference to
the Fed being "patient" in approaching any rate decision on
Tuesday, saying instead the central bank will respond as "as
appropriate" to trade pressure.  
    Since Tuesday two disappointing employment data reports have
driven the dollar index another half a percent lower. 
    
    Japanese Yen (Contracts of 12,500,000 yen) 
 $5.131 billion
         June 4, 2019           Prior week
         week             
 Long             27,437            25,803
 Short            71,826            81,380
 Net             -44,389           -55,577
 
EURO (Contracts of 125,000 euros)
 $12.313 billion
         June 4, 2019           Prior week
         week             
 Long            155,771           151,129
 Short           243,322           250,820
 Net             -87,551           -99,691
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $3.79 billion
         June 4, 2019          Prior week
         week             
 Long             41,998           51,796
 Short            89,760           83,792
 Net             -47,762          -31,996
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $4.545 billion
         June 4, 2019          Prior week
         week             
 Long              4,541            4,644
 Short            40,606           39,319
 Net             -36,065          -34,675
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $3.119 billion
         June 4, 2019          Prior week
         week             
 Long             15,330           15,878
 Short            57,089           55,301
 Net             -41,759          -39,423
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $4.424 billion 
         June 4, 2019          Prior week
         week             
 Long             36,304           38,653
 Short            99,595          105,046
 Net             -63,291          -66,393
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-3.176 billion
         June 4, 2019          Prior week
         week             
 Long            172,354          213,758
 Short            48,125           71,291
 Net             124,229          142,467
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $1.347 billion 
         June 4, 2019          Prior week
         week             
 Long             23,476           24,986
 Short            43,872           41,134
 Net             -20,396          -16,148
      

 (Reporting by Kate Duguid
Editing by Susan Thomas and Tom Brown)
  
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