June 30, 2017 / 9:24 PM / in a year

UPDATE 1-U.S. dollar net longs fall to lowest in about a year: CFTC, Reuters

 (Adds details on dollar, euro contracts, table, comments,
    By Saqib Iqbal Ahmed
    NEW YORK, June 30 (Reuters) - Speculators cut net long
positions in the U.S. dollar to the lowest level in nearly a
year, according to calculations by Reuters and Commodity Futures
Trading Commission data released on Friday.
    The value of the dollar's net long position fell to $4.50
billion in the week ended June 27, from $7.82 billion the
previous week, and the lowest since the first week of July last
    "That's a massive adjustment driven off the back of Draghi's
hints towards tightening and the overall weaker-than-expected
economic data in the U.S.," said Karl Schamotta, director of
global product and market strategy at Cambridge Global Payments
in Toronto.
    European Central Bank President Mario Draghi opened the door
to tweaks in the bank's aggressive monetary stimulus policy on
Tuesday, fuelling market expectations that the ECB will announce
a reduction of stimulus as soon as September.
    The U.S. dollar recovered slightly on Friday, but posted its
biggest quarterly decline against a basket of rival currencies
in nearly seven years after hawkish signals from foreign central
banks this week pressured the greenback further.
    The greenback may have benefitted a little from
end-of-quarter adjustments this week and could come under
further pressure next week, Schamotta said.
    Euro net longs, meanwhile, rose in the latest week, CFTC
data showed. This week, euro net longs rose to 58,695 contracts,
from 44,852 contracts the previous week.
    The single currency has gained against the dollar over the
past few months, benefiting from broad greenback weakness and
the view that rising inflation would prompt the ECB to hike
interest rates in early 2018.
    In other currencies, speculators pulled back their net short
position on the Canadian dollar to 49,495 contracts from 82,881,
a week prior.
    "The shorts are really getting wiped out of the market and
you could continue to see that next week given the ongoing
hawkinshness that's coming from the Bank of Canada," Schamotta
    Canadian companies are more optimistic about future sales
and exports, while improving demand is driving capacity
pressures that should boost investment and hiring, the Canadian
central bank said in a report on Friday that increased
expectations for a rate hike.
    The Reuters calculation for the aggregate U.S. dollar
position is derived from net positions of International Monetary
speculators in the yen, euro, British pound, Swiss franc and
Canadian and Australian dollars.
Japanese Yen (Contracts of 12,500,000 yen) 
 $6.826 billion
         June 27, 2017          Prior week
 Long             38,254            39,498
 Short            99,604            89,457
 Net             -61,350           -49,959
EURO (Contracts of 125,000 euros)
 $-8.318 billion
         June 27, 2017          Prior week
 Long            179,671           167,245
 Short           120,976           122,393
 Net              58,695            44,852
POUND STERLING (Contracts of 62,500 pounds sterling)
 $3.134 billion
         June 27, 2017         Prior week
 Long             43,707           50,625
 Short            82,840           88,229
 Net             -39,133          -37,604
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $0.608 billion
         June 27, 2017         Prior week
 Long             11,218           11,275
 Short            15,887           14,257
 Net              -4,669           -2,982
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $3.75 billion
         June 27, 2017         Prior week
 Long             28,698           28,507
 Short            78,193          111,388
 Net             -49,495          -82,881
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $-1.497 billion 
         June 27, 2017         Prior week
 Long             48,906           42,272
 Short            29,157           27,239
 Net              19,749           15,033
MEXICAN PESO (Contracts of 500,000 pesos)
 $-2.252 billion
         June 27, 2017         Prior week
 Long            126,019          125,659
 Short            45,012           76,674
 Net              81,007           48,985
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $-1.834 billion 
         June 27, 2017         Prior week
 Long             45,001           38,388
 Short            19,768           16,933
 Net              25,233           21,455
 (Reporting by Saqib Iqbal Ahmed; Editing by Chizu Nomiyama)
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