IMM specs cut long bets on U.S. dollar-CFTC

NEW YORK, Jan 8 (Reuters) - Speculators cut bets the U.S.
currency has further to rise but were still long the dollar for
a third straight week, according to Commodity Futures Trading
Commission data released on Monday.

The value of the dollar's net long position was around
$4.25 billion in the week ending January 5, down from the net
long position of $4.76 billion in the prior week, according to
Reuters calculations.

The December 22 data marked the first time since early May
that speculators took a long position on the dollar, which is a
bet that the currency will rise in value. It also ended 32
straight weeks of short dollar positions, according to CFTC
data and Reuters calculations.

The shift came in a month that saw the dollar rally sharply
against major currencies after spending most of 2009 under
steady pressure. In the week ended December 1, 2009, the value
of speculators' net short position rose to almost $22 billion,
according to Reuters calculations.

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

In the latest week, speculators increased their bets
against the yen, sterling, euro. They reduced bets against the
Swiss franc but the overall trend was still to be short the
Swiss currency.

Speculators increased their long positions on the Canadian
and Australian dollars. The net Canadian dollar long position
was the highest since the period ended October, 20, 2009.

It was the largest short position on the yen since the
period ending August 26, 2008 and on the euro since September
16, 2008.

Open interest in yen positions rose 9,014 contracts to
104,231 contracts. Euro open interest jumped 12,003 contracts
to 156,155 contracts.

Open interest on the Swiss franc fell 2,872 contracts to
35,161 contracts.

Open interest is taken as a sign of the strength in a given
price movement, though not an indication of direction.
Increasing open interest is said by analysts to illustrate
strength behind the price movement, while a drop shows
weakening price movement.

A rise in open interest also indicates that the security is
being actively traded, while a decline would show less
activity.

JAPANESE YEN (Contracts of 12,500,000 yen)

1/05/10 week 12/29/09 week

Long 20,634 19,943

Short 37,445 34,846

Net -16,811 -14,903

EURO (Contracts of 125,000 euros)

1/05/10 week 12/29/09 week

Long 37,229 34,132

Short 73,017 67,929

Net -35,788 -33,797

POUND STERLING (Contracts of 62,500 pounds sterling)

1/05/10 week 12/29/09 week

Long 18,031 18,480

Short 51,595 47,955

Net -33,564 -29,475

SWISS FRANC (Contracts of 125,000 Swiss francs)

1/05/10 week 12/29/09 week

Long 12,488 10,334

Short 15,268 17,385

Net -2,780 -7,051

CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)

1/05/10 week 12/29/09 week

Long 51,736 50,457

Short 11,540 10,468

Net 40,196 39,989

AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)

1/05/10 week 12/29/09 week

Long 62,114 53,603

Short 15,006 17,072

Net 47,108 36,531

MEXICAN PESO (Contracts of 500,000 pesos)

1/05/10 week 12/29/09 week

Long 69,341 70,392

Short 7,354 5,759

Net 61,987 64,633

NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand
dollars)

1/05/10 week 12/29/09 week

Long 18,106 13,872

Short 5,133 5,067

Net 12,973 8,805
(Reporting by Nick Olivari)