Reuters: US Dollar Report: UPDATE 1-Specs cut US dollar bets to near 1-year low-CFTC, Reuters

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UPDATE 1-Specs cut US dollar bets to near 1-year low-CFTC, Reuters Aug 24th 2012, 20:22 Fri Aug 24, 2012 4:22pm EDT NEW YORK, Aug 24 (Reuters) - Currency speculators further reduced bets in favor of the U.S. dollar in the latest week to the lowest in nearly a year, according to data from the Commodity Futures Trading Commission released on Friday. The value of the U.S. dollar's net long position fell to $4.57 billion in the week ended Aug. 21, from $8.92 billion the previous week. It was the fifth straight weekly decline in U.S. dollar longs and was the smallest net long position since September 2011. To be long a currency is to bet it will rise in value, while being short is a view its value will fall. Investors continued to pare short positions on the euro, declining to 123,932 contracts from 137,810 the previous week. Market participants were betting the European Central Bank will do whatever it takes to support the euro after its president Mario Draghi early this month said as much. The euro so far in August has gained 1.7 percent, reversing losses of 2.8 percent in July. "The only way the euro can be stable is if its future existence is not in question," said Andres Bergero, vice president and chief corporate trader at Bank of the West in San Ramon, California. He added that Draghi has done "an amazing job" in helping ease doubts about the euro's survival. Risk appetite has also turned up with further increases in bullish bets on the Australian and Canadian dollars, including sterling. 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. JAPAN YEN (Contracts of 12,500,000 yen) -1,761,542,828.31 8/21/12 week 8/14/12 week Long 43,584 55,983 Short 32,413 25,279 Net 11,171 30,704 EURO (Contracts of 125,000 euros) 19,317,900,500.00 8/21/12 week 8/14/12 week Long 45,986 43,152 Short 169,918 180,962 Net -123,932 -137,810 POUND STERLING (Contracts of 62,500 pounds sterling) -772,676,493.75 8/21/12 week 8/14/12 week Long 45,984 32,054 Short 38,151 32,342 Net 7,833 -288 SWISS FRANC (Contracts of 125,000 Swiss francs) 2,033,814,668.61 8/21/12 week 8/14/12 week Long 5,921 6,140 Short 21,583 24,994 Net -15,662 -18,854 CANADA DOLLAR (Contracts of 100,000 Canadian dollars) -5,142,756,040.85 8/21/12 week 8/14/12 week Long 76,008 53,894 Short 25,141 25,301 Net 50,867 28,593 AUSTRALIA DOLLAR (Contracts of 100,000 Aussie dollars) -9,106,971,240.00 8/21/12 week 8/14/12 week Long 127,500 109,875 Short 40,618 43,196 Net 86,882 66,679 MEXICO PESO (Contracts of 500,000 pesos) -3,728,916,121.18 8/21/12 week 8/14/12 week Long 107,140 95,816 Short 9,159 12,305 Net 97,981 83,511 NEW ZEALAND DOLLAR (Contracts of 100,000 NZ dollars) -1,327,441,760.00 8/21/12 week 8/14/12 week Long 19,835 18,273 Short 3,463 3,026 Net 16,372 15,247 Link this Share this Digg this Email Reprints

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