UPDATE 1-Speculators trim short US dollar bets in latest week-CFTC

Fri Jan 11, 2013 4:30pm EST

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NEW YORK, Jan 11 (Reuters) - Currency speculators reduced their bets against
the U.S. dollar in the latest week, according to data from the Commodity Futures
Trading Commission released on Friday.
    The value of the dollar's net short position fell to $6.96 billion in the
week ended Jan. 8, from $9.43 billion the previous week.
    To be short a currency is to bet it will decline in value, while being long
is a view its value will rise.
    Bets against the Japanese yen fell for the fourth straight week to 74,096
contracts after climbing to a more than five-year peak in mid-December. 
    The yen has come under pressure in recent weeks on expectations Japan's new
government will take measures to weaken its currency to fight deflation, but
some investors said the move was overdone.
    Speculators also reversed bets in favor of the euro, with a short position
of 8,035 contracts. Last week, speculators went net long, or became bullish, on
the euro against the dollar for the first time since August 2011, according to
Reuters data. 
    The Reuters calculation for the aggregate U.S. dollar position is derived
from net positions of International Monetary Market speculators in the yen,
euro, British pound, Swiss franc, Canadian and Australian dollars.
    
    JAPAN YEN (Contracts of 12,500,000 yen)
             1/08/13 week         12/31/12 week
   Long          32,129               30,432
   Short        106,225              110,949
   Net          -74,096              -80,517
 
    EURO (Contracts of 125,000 euros)
             1/08/13 week         12/31/12 week
   Long          66,329               81,932
   Short         74,364               76,806
   Net           -8,035                5,126
 
    POUND STERLING (Contracts of 62,500 pounds sterling) 
             1/08/13 week         12/31/12 week
   Long          60,523               69,146
   Short         34,574               32,838
   Net           25,949               36,308
 
    SWISS FRANC (Contracts of 125,000 Swiss francs) 
             1/08/13 week         12/31/12 week
   Long          19,604               23,800
   Short          9,343               12,169
   Net           10,261               11,631
 
    CANADA DOLLAR (Contracts of 100,000 Canada dollars) 
             1/08/13 week         12/31/12 week
   Long          70,435               73,678
   Short          6,430                7,752
   Net           64,005               65,926
 
    AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) 
             1/08/13 week         12/31/12 week
   Long         122,343              117,354
   Short         42,028               37,832
   Net           80,315               79,522
 
    MEXICO PESO (Contracts of 500,000 pesos) 
             1/08/13 week         12/31/12 week
   Long         148,293              149,624
   Short          8,770                7,872
   Net          139,523              141,752
 
    NEW ZEALAND DOLLAR (Contracts of 100,000 NZ dollars) 
             1/08/13 week         12/31/12 week
   Long          26,635               25,832
   Short          7,415                8,750
   Net           19,220               17,082
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