May 20, 2016 / 8:35 PM / 4 years ago

UPDATE 1-Speculators cut short U.S. dollar bets on Fed hike view-CFTC, Reuters

(Adds table, details on net short dollar, euro contracts)
    May 20 (Reuters) - Speculators pared back bets against the
U.S. dollar for a second straight week, as investors started
pricing in the possibility of an interest rate increase next
month.
    The value of the dollar's net short position fell to $4.19
billion in the week ended May 17, from net shorts of $6.19
billion the previous week, according to Reuters calculations and
data from the Commodity Futures Trading Commission released on
Friday.
    Upbeat U.S. economic data such as last week's strong retail
sales report have strengthened the view that the Federal Reserve
could raise interest rates again next month. The latest Fed
minutes released earlier in the week also did not rule out a
June hike if economic data point to stronger second-quarter
growth as well as firming inflation and employment.
    Fed funds futures, based on the CME Group's FedWatch tool, 
moved to price in a 26 percent chance of a June hike late on
Friday, up from 19 percent two days ago.
    As a result, the dollar has rallied 3.5 percent against a
basket of currencies in the last 13 days. For the month of May,
the dollar was up 2.5 percent, on pace for its largest monthly
gain since November.
    Meanwhile, net euro short contracts edged higher to 22,587
from 21,872 contracts in the previous week. Last week's net
short contract in the euro was the smallest since June 2014.
    The Reuters calculation for the aggregate U.S. dollar
position is derived from net positions of International Monetary
Market speculators in the yen, euro, sterling, Swiss franc and
Canadian and Australian dollars.

Japanese Yen (Contracts of 12,500,000 yen) 
         17 May 2016            Prior week
         week             
 Long             86,165            88,897
 Short            27,246            29,850
 Net              58,919            59,047
 
EURO (Contracts of 125,000 euros)
         17 May 2016            Prior week
         week             
 Long            101,723           101,277
 Short           124,310           123,149
 Net             -22,587           -21,872
 
POUND STERLING (Contracts of 62,500 pounds sterling)
         17 May 2016           Prior week
         week             
 Long             37,533           37,628
 Short            75,955           72,563
 Net             -38,422          -34,935
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
         17 May 2016           Prior week
         week             
 Long             22,463           22,674
 Short            18,316           15,757
 Net               4,147            6,917
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
         17 May 2016           Prior week
         week             
 Long             37,009           42,040
 Short            14,303           16,166
 Net              22,706           25,874
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
         17 May 2016           Prior week
         week             
 Long             71,793           82,774
 Short            46,900           44,616
 Net              24,893           38,158
 
MEXICAN PESO (Contracts of 500,000 pesos)
         17 May 2016           Prior week
         week             
 Long             25,219           16,149
 Short            70,910           61,369
 Net             -45,691          -45,220
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
         17 May 2016           Prior week
         week             
 Long             32,545           33,573
 Short            25,857           24,221
 Net               6,688            9,352
 
 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Meredith
Mazzilli and Cynthia Osterman)
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