January 8, 2016 / 8:57 PM / 4 years ago

U.S. dollar net longs hit lowest since early November: CFTC, Reuters

(Reuters) - Speculators reduced bullish bets on the U.S. dollar in the latest week, with net longs falling to their lowest in roughly two months, according to Reuters calculations and data from the Commodity Futures Trading Commission released on Friday.

The value of the dollar’s net long position slid to $28.78 billion in the week ended Jan. 5, from $31.80 billion in the previous week. This week’s net longs were the lowest since Nov. 3, according to Reuters estimates.

It was also the second straight week speculators reduced their net longs on the dollar.

Investors this week have been spooked by turmoil in China's stock market and its currency the yuan CNY= CNY=CFXS, which spurred concerns that the Federal Reserve may have to further slow the pace of its tightening policy. That's a dollar-bearish scenario and may have contributed to the unwinding of long-held dollar net longs.

As a result, the dollar .DXY ended the week on a slightly negative note, down 0.2 percent, despite Friday’s strong U.S. nonfarm payrolls report.

This week’s China-led market losses have also resulted in gains in the yen, a traditional safe haven in times of stress and uncertainty. For the first time in more than three years, speculators have turned net long on the yen.

This week, Japanese yen net longs totaled 4,103 contracts, compared with a net short of 17,226 in the previous week.

The yen JPY= ended the week up 2.3 percent against the dollar, its best weekly performance since August 2013.

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):

Jan. 5, 2016 Prior week

week

Long 67,471 45,008

Short 63,368 62,234

Net 4,103 -17,226

EURO (Contracts of 125,000 euros):

Jan. 5, 2016 Prior week

week

Long 66,857 66,973

Short 227,500 227,523

Net -160,643 -160,550

POUND STERLING (Contracts of 62,500 pounds sterling):

Jan. 5, 2016 Prior week

week

Long 44,662 40,476

Short 75,158 71,498

Net -30,496 -31,022

SWISS FRANC (Contracts of 125,000 Swiss francs):

Jan. 5, 2016 Prior week

week

Long 26,419 26,836

Short 22,799 23,272

Net 3,620 3,564

CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars):

Jan. 5, 2016 Prior week

week

Long 40,898 47,598

Short 101,028 108,385

Net -60,130 -60,787

AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars):

Jan. 5, 2016 Prior week

week

Long 46,047 44,766

Short 59,808 62,311

Net -13,761 -17,545

MEXICAN PESO (Contracts of 500,000 pesos):

Jan. 5, 2016 Prior week

week

Long 33,894 30,566

Short 95,882 87,953

Net -61,988 -57,387

NEW ZEALAND DOLLAR (Contracts of 100,000 NZ dollars):

Jan. 5, 2016 Prior week

week

Long 16,842 14,971

Short 15,263 15,117

Net 1,579 -146

Reporting by Gertrude Chavez-Dreyfuss; Editing by James Dalgleish

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