Speculators turn short U.S. dollar for 1st time in 6 months-CFTC

Mon Apr 21, 2014 10:02am EDT

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April 21 (Reuters) - Speculators turned bearish on the U.S.
dollar in the latest week for the first time since late October,
according to data from the Commodity Futures Trading Commission
released on Friday.
    The value of the dollar's net short position was $1.17
billion in the week ended April 15, from a net long position
of$3.09 billion the previous week. That was the first short
position in nearly six months.
    "This is an important shift and highlights that even though
most expect many currencies to weaken against the U.S. dollar
before year-end, it is too early to position for dollar
strength," said Camilla Sutton, chief FX strategist, at
Scotiabank in Toronto.
    "For now the trend in the Australian dollar, euro, sterling,
Swiss franc, and gold are bullish...which warns of further
potential upside in these currencies."
    One of the most notable changes in CFTC positioning was the
decline in short contracts on the yen to 68,716 from net shorts
of 87,462.
    To be long a currency is a view it will rise, while being
short is a bet its value will decline.
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 and
Canadian and Australian dollars.
    
Japanese Yen (Contracts of 12,500,000 yen) 
         15Apr2014 week         Prior week
 Long             14,351            13,340
 Short            83,067           100,802
 Net             -68,716           -87,462
 
EURO (Contracts of 125,000 euros0
         15Apr2014 week         Prior week
 Long            106,252            92,635
 Short            78,564            69,335
 Net              27,688            23,300
 
POUND STERLING (Contracts of 62,500 pounds sterling) 
         15Apr2014 week        Prior week
 Long             87,472           91,642
 Short            36,874           45,165
 Net              50,598           46,477
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
         15Apr2014 week        Prior week
 Long             23,905           19,275
 Short             9,839            7,940
 Net              14,066           11,335
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) 
         15Apr2014 week        Prior week
 Long             28,288           28,704
 Short            63,714           63,011
 Net             -35,426          -34,307
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) 
         15Apr2014 week        Prior week
 Long             40,463           37,630
 Short            32,366           34,320
 Net               8,097            3,310
 
MEXICAN PESO (Contracts of 500,000 pesos
         15Apr2014 week        Prior week
 Long             71,038           70,371
 Short            16,801           13,870
 Net              54,237           56,501
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) 
         15Apr2014 week        Prior week
 Long             26,671           26,521
 Short             6,824            6,755
 Net              19,847           19,766
 
 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu
Nomiyama)
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