February 19, 2019 / 9:45 PM / a few seconds ago

UPDATE 1-Speculators pare net dollar longs to lowest since September

    * Broader net dollar longs record steepest drop since March
2018
    * Speculative dollar longs vs yen fall to lowest since
mid-July

 (Adds details on latest data, table)
    NEW YORK, Feb 19 (Reuters) - Speculators reduced their net
bullish or long bets on the U.S. dollar in late January to their
lowest level since Sept. 11, according to calculations by
Reuters and Commodity Futures Trading Commission data released
on Tuesday. 
    The value of the dollar's net long position - derived from
net positions of International Monetary Market speculators in
the yen, euro, British pound, Swiss franc and Canadian and
Australian dollars - was $21.44 billion, in the week ended Jan.
29.
    That compared with a net long position of $23.40 billion the
week before.
    Speculative net dollar longs versus the yen
fell to $4.49 billion, the lowest level since the week of July
13, 2018.    
    To be long on a currency means traders believe it will rise
in value, while being short points to a bearish bias.
    The further drop in bullish dollar bets came before the
Federal Reserve pulled a dovish turn on its policy stance at its
Jan. 29-30 policy meeting.
    Policy-makers decided it was time to wait before raising key
lending rates higher due to evidence of slowing economic
activity and market turbulence at the end of 2018.
    The dollar ended 0.6 percent lower against a basket of
currencies in January before gaining nearly 1 percent so
far in February.
    In a wider measure of dollar positioning that
includes net contracts on the New Zealand dollar, Mexican peso,
Brazilian real and Russian ruble, the U.S. dollar posted a net
short position valued at $21.76 billion, lower than $27.55
billion the previous week.
    The decline in net longs was the steepest one since a $8.15
billion fall in the week of March 23, 2018.
    The speculative market has been long on the dollar since
mid-June last year.
    The CFTC suspended the release of the data because of the
35-day partial U.S. government shutdown, but resumed on Feb 1.
    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) 
 Net dollar long by $3.773 billion 
         Jan 29, 2019           Prior week
         week             
 Long             27,001            28,403
 Short            60,346            68,070
 Net             -33,345           -39,667
 
EURO (Contracts of 125,000 euros)
 Net dollar long by $6.578 billion
         Jan 29, 2019           Prior week
         week             
 Long            146,625           148,652
 Short           193,099           189,658
 Net             -46,474           -41,006
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 Net dollar long by $2.835 billion
         Jan 29, 2019          Prior week
         week             
 Long             39,271           30,050
 Short            74,467           82,161
 Net             -35,196          -52,111
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 Net dollar long by $2.246 billion
         Jan 29, 2019          Prior week
         week             
 Long              6,826            6,091
 Short            24,906           22,493
 Net             -18,080          -16,402
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 Net dollar long by $4.261 billion
         Jan 29, 2019          Prior week
         week             
 Long             16,523           16,727
 Short            72,913           72,823
 Net             -56,390          -56,096
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 Net dollar long by $2.278 billion 
         Jan 29 2019           Prior week
         week             
 Long             21,112           17,580
 Short            53,224           53,643
 Net             -32,112          -36,063
 
MEXICAN PESO (Contracts of 500,000 pesos)
 Net dollar short by $1.804 billion
         Jan 29, 2019          Prior week
         week             
 Long            149,306          141,908
 Short            79,863           78,389
 Net              69,443           63,519
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 Net dollar long by $0.19 billion 
         Jan 29, 2019          Prior week
         week             
 Long             14,891           15,437
 Short            17,707           20,026
 Net              -2,816           -4,589
 
 (Reporting by Richard Leong
Editing by Susan Thomas)
  
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