Reuters: US Dollar Report: UPDATE 1-Specs trim short US dollar bets in latest week-CFTC, Reuters

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UPDATE 1-Specs trim short US dollar bets in latest week-CFTC, Reuters Feb 1st 2013, 21:49 Fri Feb 1, 2013 4:49pm EST NEW YORK, Feb 1 (Reuters) - Currency speculators pared bets against 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 short position fell to $8.86 billion in the week ended Jan. 29, from shorts of $13.26 billion the previous week. It was the eighth straight week of net short bets on the dollar. 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. Bets on the euro or longs rose to 27,472 contracts this week from 21,381 previously. "A rising net long euro position ... suggests that investors remain biased toward further upside as euro heads toward levels not seen since late 2011," said Camilla Sutton, chief currency strategist, at Scotia Capital in Toronto. She added that the euro position was balanced, which reduces the risk of a rapid unwinding. "There remains considerable scope for additional short-covering given the (roughly) 66,000 gross short position." Yen shorts, meanwhile, rose in the latest week, with 71,246 contracts from shorts of 64,068 the previous week. JAPAN YEN (Contracts of 12,500,000 yen) 9,815,661,853.85 1/29/13 week 1/22/13 week Long 48,476 41,983 Short 119,722 106,051 Net -71,246 -64,068 EURO (Contracts of 125,000 euros) -4,632,809,400.00 1/29/13 week 1/22/13 week Long 93,791 83,840 Short 66,319 62,459 Net 27,472 21,381 POUND STERLING (Contracts of 62,500 pounds sterling) -1,046,399,775.00 1/29/13 week 1/22/13 week Long 57,989 60,201 Short 47,367 42,263 Net 10,622 17,938 SWISS FRANC (Contracts of 125,000 Swiss francs) -562,913,907.28 1/29/13 week 1/22/13 week Long 11,994 15,232 Short 7,846 8,848 Net 4,148 6,384 CANADA DOLLAR (Contracts of 100,000 Canada dollars) -3,502,897,681.85 1/29/13 week 1/22/13 week Long 53,915 66,225 Short 18,858 8,273 Net 35,057 57,952 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) -8,934,756,000.00 1/29/13 week 1/22/13 week Long 124,520 143,776 Short 39,224 46,765 Net 85,296 97,011 MEXICO PESO (Contracts of 500,000 pesos) -5,854,839,344.00 1/29/13 week 1/22/13 week Long 156,862 159,909 Short 7,991 9,872 Net 148,871 150,037 NEW ZEALAND DOLLAR (Contracts of 100,000 NZ dollars) -1,830,580,560.00 1/29/13 week 1/22/13 week Long 26,830 28,815 Short 5,014 5,283 Net 21,816 23,532 Link this Share this Digg this Email Reprints

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