February 10, 2017 / 9:20 PM / 3 years ago

UPDATE 1-Speculators cut net long dollar bets for 5th week -CFTC, Reuters data

(Adds data, analyst quote, table)
    Feb 10 (Reuters) - Speculators cut their net-long U.S.
dollar bets for a fifth straight week, to the lowest level since
mid-October, according to data from the Commodity Futures
Trading Commission released on Friday and calculations by
    The value of the dollar's net long position totaled $17.07
billion in the week ended Feb. 7, down from $18.47 billion the
previous week. CFTC data also showed a further reduction of net
short bets on the Mexican peso and a fall in net shorts on the
Japanese yen to their lowest level since early December.
    The dollar had fallen for four straight weeks against its
basket of six major currencies before this week, undermined by
the Trump administration's weak dollar rhetoric and lack of
specifics on plans for tax cuts and fiscal spending, driving its
worst January performance in three decades.
    "The market was pricing in a high degree of swift
implementation of some sort of fiscal stimulus from the Trump
administration and the first couple weeks did little to reassure
nervous investors that this president was indeed going to be
focused on growing the economy through aggressive fiscal
stimulus," said Omer Esiner, chief market analyst at
Commonwealth Foreign Exchange Inc. "Rather what we saw was a
flurry of executive actions that were more focused on the more
divisive issues of this campaign."
    This week the dollar rose, supported by rising political
uncertainty in Europe and a statement by U.S. President Donald
Trump on Thursday that he would unveil a "phenomenal" tax plan
in the coming weeks. 
    However, much of that took place after Tuesday, which was
the end of the CFTC's weekly tracking period.
    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
Canadian and Australian dollars.
Japanese Yen (Contracts of 12,500,000 yen) 
 $6.125 billion
         07 Feb 2017            Prior week
 Long             25,874            32,216
 Short            80,934            90,547
 Net             -55,060           -58,331
EURO (Contracts of 125,000 euros)
 $6.001 billion
         07 Feb 2017            Prior week
 Long            126,708           125,689
 Short           171,659           171,402
 Net             -44,951           -45,713
POUND STERLING (Contracts of 62,500 pounds sterling)
 $5.046 billion
         07 Feb 2017           Prior week
 Long             38,135           42,232
 Short           102,674          104,004
 Net             -64,539          -61,772
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $1.833 billion
         07 Feb 2017           Prior week
 Long              7,059            6,812
 Short            21,680           23,952
 Net             -14,621          -17,140
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $-0.649 billion
         07 Feb 2017           Prior week
 Long             46,127           44,939
 Short            37,577           41,467
 Net               8,550            3,472
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $-1.277 billion 
         07 Feb 2017           Prior week
 Long             66,545           59,187
 Short            49,797           47,131
 Net              16,748           12,056
MEXICAN PESO (Contracts of 500,000 pesos)
 $1.418 billion
         07 Feb 2017           Prior week
 Long             31,229           26,000
 Short            89,717           89,208
 Net             -58,488          -63,208
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $-0.135 billion 
         07 Feb 2017           Prior week
 Long             34,860           32,712
 Short            33,015           33,734
 Net               1,845           -1,022

 (Reporting by Dion Rabouin; Editing by Leslie Adler and Diane
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