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Speculators reduce US dollar longs in latest week: CFTC, Reuters
July 6, 2015 / 7:56 PM / 2 years ago

Speculators reduce US dollar longs in latest week: CFTC, Reuters

(Reuters) - Speculators trimmed bullish bets on the U.S. dollar in the latest week, according to Reuters calculations and data from the Commodity Futures Trading Commission released on Monday.

The value of the dollar’s net long position slipped to $25.11 billion in the week ended June 30, from $26.07 billion in the previous week. This was the third straight week net dollar longs have fallen under $30 billion.

To be long a currency is to take a view it will rise, while being short is a bet that its value will decline.

The decline in dollar longs was consistent with the greenback’s weakness for the month of June. The dollar index .DXY was down about 1.5 percent last month, given the lack of clarity about the timing of the first interest rate hike from the Federal Reserve since the global financial crisis.

Net short positions on the euro, meanwhile, increased to 100,035 contracts in the latest week from 99,306 previously. The increase in net euro shorts reflected uncertainty in Greece. On Sunday, the Greeks voted to reject the conditions tied to the country’s bailout deal with creditors.

The Reuters calculation for the aggregate U.S. dollar position is derived from net positions of International Monetary speculators in the yen, euro, British pound, Swiss franc and the Canadian and Australian dollars.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Meredith Mazzilli and Richard Chang

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