February 26, 2016 / 9:42 PM / 2 years ago

UPDATE 1-Speculators cut U.S. dollar net longs for 9th week -CFTC, Reuters

(Adds table; adds details on dollar, yen, euro contracts)
    Feb 26 (Reuters) - Speculators pared bullish bets on the
U.S. dollar for a ninth straight week, as net longs fell to
their lowest level since the third week of May 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 sank to $5.75
billion in the week ended Feb. 23, from $8.31 billion the
previous week. It was the second straight week that net dollar
longs came in below $10 billion.
    The decline in oil and stocks as well as a slowdown in China
have pushed back expectations for an interest rate hike by the
Federal Reserve to some time next year. That's a negative for
the dollar, prompting investors to liquidate most of their net
long positions on the greenback.
    So far on the year, the dollar index has been down 0.6
percent, after posting gains in excess of 9 percent in 2015.
    In other  currencies, investors pushed net long positions on
the yen to their highest level in four years. The expectation is
that the Bank of Japan won't do as much quantitative easing as
the market expected. 
    Bank of Japan Governor Haruhiko Kuroda said last Tuesday
that accelerating the pace of money printing alone would not
boost expectations of future price rises and acknowledged the
limits of what monetary policy can do to revive growth.
    The yen was also helped by its safe-haven qualities. The yen
tends to struggle in times of increased risk appetite because it
is often used to fund investments in riskier, but
higher-yielding currencies. In times of market stress, investors
typically sell those riskier assets and buy back the Japanese
currency.
    Net long contracts on the yen rose to 52,734 in the latest
week from 47,901 the week before. That was the largest long
position since February 2012.
    Meanwhile, this week's euro net shorts of 46,857 were the
lowest 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) 
         23 Feb 2016            Prior week
         week             
 Long             92,376            84,518
 Short            39,642            36,617
 Net              52,734            47,901
 
EURO (Contracts of 125,000 euros)
         23 Feb 2016            Prior week
         week             
 Long            107,566           113,970
 Short           154,423           162,175
 Net             -46,857           -48,205
 
POUND STERLING (Contracts of 62,500 pounds sterling)
         23 Feb 2016           Prior week
         week             
 Long             35,479           36,512
 Short            68,547           72,767
 Net             -33,068          -36,255
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
         23 Feb 2016           Prior week
         week             
 Long             20,213           20,141
 Short            22,534           24,507
 Net              -2,321           -4,366
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
         23 Feb 2016           Prior week
         week             
 Long             31,487           29,077
 Short            68,427           74,162
 Net             -36,940          -45,085
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
         23 Feb 2016           Prior week
         week             
 Long             72,523           66,740
 Short            62,948           63,933
 Net               9,575            2,807
 
MEXICAN PESO (Contracts of 500,000 pesos)
         23 Feb 2016           Prior week
         week             
 Long             30,149           21,445
 Short            83,008           98,830
 Net             -52,859          -77,385
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
         23 Feb 2016           Prior week
         week             
 Long             15,968           14,465
 Short            22,583           22,782
 Net              -6,615           -8,317
 
 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Diane Craft
and Leslie Adler)

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