June 1, 2018 / 8:30 PM / 8 months ago

UPDATE 1-U.S. dollar net shorts fall to five-month low -CFTC, Reuters data

 (Adds table, comment, details, bitcoin futures, byline)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, June 1 (Reuters) - Speculators' net short dollar
positioning slid to its lowest level in five months, according
to calculations by Reuters and Commodity Futures Trading
Commission data released on Friday.
    The value of the net short dollar position was $4.85 billion
in the week ended May 29, from $7.98 billion the previous week.
The net short dollar position has declined for six straight
    U.S. dollar positioning was derived from net contracts of
International Monetary Market speculators in the yen, euro,
British pound, Swiss franc and Canadian and Australian dollars.
    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 equivalent to $5.19 billion, down from $8.45
billion the previous week.
   That was the lowest net short dollar positioning since late
    The dollar has continued to outperform the market's
expectations, underpinned initially by position adjustment as
net short bets reached extreme levels, improving U.S. economic
data, and more recently political concerns out of Europe.
    Since mid-April, the dollar has rallied by more than 6
percent. A robust U.S. non-farm payrolls report lifted the
dollar on Friday. it opened the debate for further rate
increases this year, beyond what has been priced in by the
    But Shaun Osborne, chief FX strategist at Scotiabank in
Toronto, said the dollar's rally could be running out of steam
because all the good news in terms of growth and rate hike
expectations have already been factored in by investors.
    "We view the current strength as unsustainable," Osborne
said. "Longer-term risks remain for the U.S. dollar in the form
of structural negatives, such as wider U.S. fiscal imbalances,
and bearish, longer-term secular pressures."
    In the cryptocurrency market, speculators' net short
position on bitcoin Cboe futures was little changed at 1,679
contracts from 1,659 the previous week, the data
    Bitcoin last traded at $7,434.85, down 0.8
percent on the day on the Bitstamp platform.
    Japanese Yen (Contracts of 12,500,000 yen) 
 $0.312 billion
         May 29, 2018           Prior week
 Long             63,182            73,836
 Short            71,218            76,603
 Net              -8,036            -2,767
EURO (Contracts of 125,000 euros)
 $-16.157 billion
         May 29, 2018           Prior week
 Long            230,927           225,960
 Short           137,890           116,216
 Net              93,037           109,744
POUND STERLING (Contracts of 62,500 pounds sterling)
 $-0.479 billion
         May 29, 2018          Prior week
 Long             71,057           56,329
 Short            61,580           50,628
 Net               9,477            5,701
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $4.699 billion
         May 29, 2018          Prior week
 Long             19,744           25,386
 Short            63,175           62,697
 Net             -43,431          -37,311
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $2.045 billion
         May 29, 2018          Prior week
 Long             32,696           23,555
 Short            48,386           49,767
 Net             -15,690          -26,212
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $1.599 billion 
         May 29, 2018          Prior week
 Long             58,656           56,063
 Short            81,891           77,175
 Net             -23,235          -21,112
MEXICAN PESO (Contracts of 500,000 pesos)
 $-0.798 billion
         May 29, 2018          Prior week
 Long             73,232           78,769
 Short            54,896           47,229
 Net              18,336           31,540
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $0.094 billion 
         May 29, 2018          Prior week
 Long             30,945           27,077
 Short            29,544           28,440
 Net               1,401           -1,363
 (Reporting by Gertrude Chavez-Dreyfuss; Editing by David
Gregorio and Tom Brown)
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