Reuters: US Dollar Report: UPDATE 1-Speculators cut US dlr bets for 2nd week -CFTC, Reuters

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UPDATE 1-Speculators cut US dlr bets for 2nd week -CFTC, Reuters Dec 7th 2012, 21:24 Fri Dec 7, 2012 4:24pm EST NEW YORK, Dec 7 (Reuters) - Currency speculators slashed bullish bets on the U.S. dollar for a second straight week while they increased short yen positions to a more than five-year high, according to data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net long position slid to $920.79 million in the week ended Dec. 4 from $8.01 billion the previous week. This week's net U.S. long dollar position was the smallest since late October when speculators' greenback shorts totaled about $710 million. To be long a currency is to bet it will rise in value, while being short is a view its value will decline. 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. Yen shorts this week hit 90,326 contracts, a more than five-year peak, from 79,466 shorts the previous week. That suggests further yen weakness could persist. "The market is treating Japan much as it did once Europe, mainly as an increasingly poor credit, translating also into yen weakness, and this driven also by potential Bank of Japan easing," said Sebastien Galy, currency strategist, at Societe Generale in New York. The yen has fallen more than 6 percent against the dollar so far this year. Euro shorts, on the other hand, continued to fall, down to 32,795 contracts this week from shorts of 66,693 previously. JAPANESE YEN (Contracts of 12,500,000 yen) 13,787,703,016.24 12/04/12 week 11/27/12 week Long 20,929 27,027 Short 111,255 106,493 Net -90,326 -79,466 EURO (Contracts of 125,000 euros) 5,367,311,687.50 12/04/12 week 11/27/12 week Long 48,300 35,799 Short 81,095 102,492 Net -32,795 -66,693 POUND STERLING (Contracts of 62,500 pounds sterling) -2,744,214,187.50 12/04/12 week 11/27/12 week Long 66,050 51,107 Short 38,780 40,829 Net 27,270 10,278 SWISS FRANC (Contracts of 125,000 Swiss francs) -85,825,326.57 12/04/12 week 11/27/12 week Long 11,722 9,744 Short 11,086 13,111 Net 636 -3,367 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) -5,749,647,390.69 12/04/12 week 11/27/12 week Long 66,356 72,663 Short 9,285 10,284 Net 57,071 62,379 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) -9,654,531,720.00 12/04/12 week 11/27/12 week Long 136,218 122,186 Short 43,989 45,380 Net 92,229 76,806 MEXICAN PESO (Contracts of 500,000 pesos) -4,594,972,498.61 12/04/12 week 11/27/12 week Long 126,957 101,490 Short 7,995 7,632 Net 118,962 93,858 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) -1,737,018,560.00 12/04/12 week 11/27/12 week Long 23,272 21,653 Short 2,184 2,943 Net 21,088 18,710 Link this Share this Digg this Email Reprints

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