Reuters: US Dollar Report: Speculators increase long dollar bets in latest week-CFTC and Reuters

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Speculators increase long dollar bets in latest week-CFTC and Reuters Jul 20th 2012, 19:58 NEW YORK, July 20 | Fri Jul 20, 2012 3:58pm EDT NEW YORK, July 20 (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 $26.31 billion in the week ended July 17, from $24.58 billion in the previous week. Speculators boosted bets against the euro, with short positions at 167,249 contracts versus 165,705 the previous week. The euro has come under heavy pressure in recent weeks after the European Central Bank earlier this month cut rates and as concern about global growth mounted. The euro slid broadly on Friday, setting a two-year low against the dollar after Spain's Valencia region said it would seek central government help to repay its debts, raising concerns the euro zone's fourth-largest economy may be forced to seek a full-scale international bailout. The single currency also plunged to record lows against the Australian, Canadian, and New Zealand dollar. It also hit a more than 11-year low against the yen, a three-and-a-half-month low against sterling and multi-month troughs versus the Norwegian and Swedish crowns. 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. To be short a currency is to bet it will decline in value, while being long is a view its value will rise. Link this Share this Digg this Email Reprints

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