February 12, 2016 / 9:50 PM / 2 years ago

UPDATE 1-U.S. dollar longs fall to lowest in 1-1/2 years -CFTC, Reuters

(Adds table, details on dollar, euro contracts, comment)
    Feb 12 (Reuters) - Speculators reduced bullish bets on the
U.S. dollar for a seventh straight week, with net longs dropping
to their lowest level since mid-July 2014, according to Reuters
calculations and data from the Commodity Futures Trading
Commission released on Friday.
    The value of the dollar's net long position plunged to
$12.60 billion in the week ended Feb. 9, from $18.20 billion in
the previous week. Net dollar longs came in below $20 billion
for a second straight week.
    The outlook on the dollar has soured since the beginning of
the year as a global stock market meltdown and a plunge in oil
prices have increased volatility across all asset classes, which
could further slow the Federal Reserve's tightening policy.
    The dollar index is down 2.7 percent so far this year after
gains of 12.18 percent in 2014 and 9.3 percent in 2015.
    "The main reason why investors are selling dollars is
because they no longer believe that the Federal Reserve will
raise interest rates in 2016," said Kathy Lien, managing
director at BK Asset Management in New York,
    "What's interesting is that (Janet) Yellen did not say
anything in her testimony over the past two days to suggest that
would be the case. Nonetheless, Fed fund futures are no longer
pricing in a rate hike this year, validating the decline in the
    Speculators also pared net shorts on the euro to the lowest
level since the third week of October. This week net euro short
contracts totaled 63,314 contracts, from 87,073 the previous
    In the midst of a massive quantitative easing program from
the European Central Bank, the euro has actually gained so far
this year, up 3.6 percent against the dollar.
    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) 
         09 Feb 2016            Prior week
 Long             75,811            82,108
 Short            32,579            44,863
 Net              43,232            37,245
EURO (Contracts of 125,000 euros)
         09 Feb 2016            Prior week
 Long            114,607            96,012
 Short           177,921           183,085
 Net             -63,314           -87,073
POUND STERLING (Contracts of 62,500 pounds sterling)
         09 Feb 2016           Prior week
 Long             31,025           32,737
 Short            67,325           77,755
 Net             -36,300          -45,018
SWISS FRANC (Contracts of 125,000 Swiss francs)
         09 Feb 2016           Prior week
 Long             20,356           25,970
 Short            27,624           30,665
 Net              -7,268           -4,695
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
         09 Feb 2016           Prior week
 Long             27,279           30,069
 Short            79,214           82,489
 Net             -51,935          -52,420
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
         09 Feb 2016           Prior week
 Long             64,020           51,397
 Short            69,646           77,565
 Net              -5,626          -26,168
MEXICAN PESO (Contracts of 500,000 pesos)
         09 Feb 2016           Prior week
 Long             41,732           24,958
 Short            88,254          103,552
 Net             -46,522          -78,594
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $0.606 billion 
         09 Feb 2016           Prior week
 Long             13,666           13,492
 Short            22,805           21,928
 Net              -9,139           -8,436
 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Meredith
Mazzilli and Matthew Lewis)
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