Speculators boost net US dollar longs in latest week
NEW YORK – Speculators increased bullish bets on the US dollar in the latest week, according to Reuters calculations and data from the Commodity Futures Trading Commission released on Friday.
The value of the dollar’s net long position rose to $26.07 billion in the week ended June 23, from $23.82 billion in the previous week. It was the second straight week net dollar longs came in under $30 billion.
Net dollar longs in the previous week had fallen to their lowest in 11 months. To be long a currency is to take a view it will rise, while being short is a bet its value will decline. The dollar has been fairly inconsistent in June, with the dollar index down about 1.5 percent so far for the month. Net short positions on the euro, meanwhile, increased to 99,306 contracts from 89,357 contracts. Last week’s net euro short was the smallest since late July.
The calculation for the aggregate US dollar position is derived from net positions of International Monetary speculators in the yen, euro, British pound, Swiss franc and the Canadian and Australian dollars. – Reuters