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UPDATE 1-Specs trim bets vs dollar, get short sterling-CFTC
February 15, 2013 / 8:51 PM / 5 years ago

UPDATE 1-Specs trim bets vs dollar, get short sterling-CFTC

NEW YORK, Feb 15 (Reuters) - Currency speculators reduced their bets against
the U.S. dollar in the latest week and built up the largest short sterling
position since last June, according to data from the Commodity Futures Trading
Commission released on Friday.
    The value of the dollar's net short position fell to $3.02 billion in the
week ended Feb. 12, from $9.15 billion the previous week.
    Much of the dollar's gain came at the expense of the British pound sterling.
Short contracts on the UK currency swelled to 16,776, the most since mid-June
2012.
    The Bank of England said last week it wold reinvest its government bond
holdings as they mature next month and promised to provide more stimulus if
needed to boost economic recovery.
    To be short a currency is to bet it will decline in value, while being long
is a view its value will rise.
    Speculators cut bets against the Japanese yen but remained short to the tune
of 61,306 contracts. Plans for aggressive monetary easing in Japan have sent the
yen down sharply against the dollar and euro in recent weeks and caused
consternation among some countries who feel Tokyo is deliberately weakening its
currency to get a trade advantage. 
    The Reuters calculation for the aggregate U.S. dollar position is derived
from net positions of International Monetary Market speculators in the yen,
euro, British pound, Swiss franc, Canadian and Australian dollars.

    JAPAN YEN (Contracts of 12,500,000 yen)
             2/12/13 week         2/05/13 week
   Long          55,782               50,667
   Short        117,088              119,080
   Net          -61,306              -68,413
 
    EURO (Contracts of 125,000 euros)
             2/12/13 week         2/05/13 week
   Long          87,135               97,397
   Short         62,954               59,445
   Net           24,181               37,952
 
    POUND STERLING (Contracts of 62,500 pounds sterling)
             2/12/13 week         2/05/13 week
   Long          38,661               51,959
   Short         55,437               50,785
   Net          -16,776                1,174
 
    SWISS FRANC (Contracts of 125,000 Swiss francs)
             2/12/13 week         2/05/13 week
   Long          12,113               13,091
   Short          7,561                9,215
   Net            4,552                3,876
 
    CANADA DOLLAR (Contracts of 100,000 Canadian dollars)
             2/12/13 week         2/05/13 week
   Long          39,324               44,538
   Short         12,759               16,777
   Net           26,565               27,761
 
    AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
             2/12/13 week         2/05/13 week
   Long          99,758              122,609
   Short         45,644               41,669
   Net           54,114               80,940
 
    MEXICO PESO (Contracts of 500,000 pesos)
             2/12/13 week         2/05/13 week
   Long         131,615              150,495
   Short          7,036                8,993
   Net          124,579              141,502
 
    NEW ZEALAND DOLLAR (Contracts of 100,000 NZ dollars)
             2/12/13 week         2/05/13 week
   Long          24,898               26,343
   Short          3,560                3,643
   Net           21,338               22,700

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