Friday, June 29, 2012

Reuters: US Dollar Report: UPDATE 1-Specs lift US dollar bets in latest week-CFTC

Reuters: US Dollar Report
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UPDATE 1-Specs lift US dollar bets in latest week-CFTC
Jun 29th 2012, 20:40

Fri Jun 29, 2012 4:40pm EDT

  NEW YORK, June 29 (Reuters) - Currency speculators increased  their bets in favor of the U.S. dollar in the latest week,  according to data from the Commodity Futures Trading Commission  released on Friday.      The value of the dollar's net long position rose to $26.73  billion in the week ended June 26, from $22.13 billion the  previous week.      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.      Short euro bets, meanwhile, rose to 159,880 contracts from  net shorts of 141,066 a week earlier as euro zone risks  escalated in the run up to the European Union summit which  concluded on Friday.       To be short a currency is to bet it will decline in value,  while being long is a view its value will rise.      Prior to Friday's gains, the euro was on a downward  trajectory as investors were skeptical that European leaders  would come up with a viable solution to address the worsening  debt crisis in the region.       The EU did come up with a proposal, but analysts remained  leery of the deal and many viewed it as a short-term solution to  an endemic problem.      Euro short positions could probably decrease next week given  the unexpected EU outcome, but bets against the single euro zone  currency will remain for some time.      Other notable changes in this week's CFTC report was the  sharp reduction in the yen long position to 4,542 contracts.      Japan's Prime Minister Yoshihiko Noda faces the risk of a  split in his party that could trigger a snap election after his  signature tax increase plan cleared parliament's lower house on  Tuesday despite its rejection by a group of party rebels.      The tax hike is aimed at curbing Japan's growing public  debt, which already exceeds two years' worth of its economic  output. Analysts at Morgan Stanley say the move to raise taxes  will give the Bank of Japan more leeway to ease monetary policy  and that is likely to be negative for the yen.      Speculators also reduced their short position on sterling to  758 contracts this week from 17,153 shorts previously even  though analysts are widely expecting another round of  quantitative easing in the UK.      Sterling like the dollar has been benefiting from safe-haven  flowsas euro zone risks deteriorated.             JAPANESE YEN (Contracts of 12,500,000 yen) -714,330,649.22                    6/26/12 week         6/19/12 week     Long          43,910               44,740     Short         39,368               29,603     Net            4,542               15,137         EURO (Contracts of 125,000 euros) 24,959,266,500.00               6/26/12 week         6/19/12 week     Long          36,933               54,449     Short        196,813              195,515     Net         -159,880             -141,066         POUND STERLING (Contracts of 62,500 pounds sterling)  74,080,287.50               6/26/12 week         6/19/12 week     Long          35,296               32,248     Short         36,054               49,401     Net             -758              -17,153         SWISS FRANC (Contracts of 125,000 Swiss francs)  3,099,126,274.18               6/26/12 week         6/19/12 week     Long           4,637               24,108     Short         28,473               31,115     Net          -23,836               -7,007         CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)  -905,868,567.52               6/26/12 week         6/19/12 week     Long          27,778               27,808     Short         18,501               19,607     Net            9,277                8,201         AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)  217,195,400.00               6/26/12 week         6/19/12 week     Long          40,023               41,121     Short         42,182               44,579     Net           -2,159               -3,458         MEXICAN PESO (Contracts of 500,000 pesos) 277,991,856.91               6/26/12 week         6/19/12 week     Long          32,190               22,801     Short         39,837               37,475     Net           -7,647              -14,674         NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand  dollars) -45,509,760.00               6/26/12 week         6/19/12 week     Long           6,108                3,564     Short          5,532                5,777     Net              576               -2,213  
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