Reuters: US Dollar Report: Speculators dollar longs hit 4-year high-CFTC - RTRS

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Speculators dollar longs hit 4-year high-CFTC - RTRS May 25th 2012, 19:45 NEW YORK | Fri May 25, 2012 3:45pm EDT NEW YORK May 25 (Reuters) - Currency speculators increased bets in favor of the U.S. dollar to the highest level since at least mid-2008, according to data from the Commodity Futures Trading Commission released on Fr iday. The value of the dollar's net long position rose to $35.14 million in the week ended May 22, from $28.52 billion the previous week. Short euro positions climbed to 195,361 contracts, the highest on record, from 173,869 a week earlier. The euro zone common currency has sold off in recent weeks as concerns about Spain's banking system and political chaos in Greece threw doubts on whether Europe can commit to austerity plans crucial to tackling the region's debt crisis. The euro fell to its lowest since July, 2010 on Friday at $1.2495. It last traded at $1.2516, down 0.2 percent. To be short a currency is to bet it will decline in value, while being long is a view its value will rise. 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. Link this Share this Digg this Email Reprints

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