February 8, 2019 / 9:25 PM / 3 months ago

UPDATE 1-Speculators trim net long dollar bets for 2nd week -CFTC, Reuters

 (Adds table, details,  byline)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, Feb 8 (Reuters) - Speculators pared back their net
long bets on the dollar for a second straight week, according to
calculations by Reuters and U.S. Commodity Futures Trading
Commission data released on Friday.
    The value of the net long dollar position was $28.25 billion
in the week ended Jan. 8, compared with $30.16 billion in the
previous week. The speculative market has been long the dollar
since mid-June last year.
    The CFTC, which had stopped releasing the data because of
the 35-day partial U.S. government shutdown, resumed on Feb. 1.
    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.
    In a broader 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 long position of $27.55 billion as of Jan. 8, compared
with $29.55 billion a week earlier.
    The dollar has struggled since the beginning of the year as
several Federal Reserve officials have started to pull back a
little bit on their bullish view on U.S. interest rates and the
economy. That shift in stance culminated in last week's dovish
comments that suggested the U.S. central bank may have to pause
its rate-hiking cycle or cut rates if the economy warrants it. 
    In the cryptocurrency market, speculators' net short
position on bitcoin Cboe futures increased to 1,306 contracts
 in the week ended Jan. 8, up from 1,230 short
contracts the previous week.
    Bitcoin remains entrenched in a deep slump, which began
early last year, despite a recovery on Friday as the currency
slid into oversold conditions.
    Bitcoin was last up 7.9 percent at $3,623 on the
Bitstamp platform. It has dropped roughly 80 percent since
soaring to an all-time high of nearly $20,000 in December 2017.
    
    Japanese Yen (Contracts of 12,500,000 yen) 
 $6.97 billion
         08 Jan 2019            Prior week
         week             
 Long             42,727            32,712
 Short           104,041           121,335
 Net             -61,314           -88,623
 
EURO (Contracts of 125,000 euros)
 $5.782 billion
         08 Jan 2019            Prior week
         week             
 Long            146,271           148,288
 Short           186,804           194,936
 Net             -40,533           -46,648
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $4.861 billion
         08 Jan 2019           Prior week
         week             
 Long             27,670           35,782
 Short            87,762           92,696
 Net             -60,092          -56,914
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $2.899 billion
         08 Jan 2019           Prior week
         week             
 Long              5,724            5,931
 Short            28,910           31,461
 Net             -23,186          -25,530
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $5.029 billion
         08 Jan 2019           Prior week
         week             
 Long             19,287           34,330
 Short            85,289           84,979
 Net             -66,002          -50,649
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $2.733 billion 
         08 Jan 2019           Prior week
         week             
 Long             22,345           27,919
 Short            60,120           54,210
 Net             -37,775          -26,291
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-0.814 billion
         08 Jan 2019           Prior week
         week             
 Long             92,398           82,260
 Short            61,416           72,488
 Net              30,982            9,772
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $0.106 billion 
         08 Jan 2019           Prior week
         week             
 Long             14,895           18,272
 Short            16,433           16,310
 Net              -1,538            1,962
 
 (Reporting by Gertrude Chavez-Dreyfuss in New York
Editing by James Dalgleish)
  
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