June 22, 2018 / 8:34 PM / 3 months ago

UPDATE 1-Speculators turn net long dollars for 1st time since July 2017-CFTC, Reuters

 (Adds comment, details, byline, table)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, June 22 (Reuters) - Speculators turned bullish on
the dollar for the first time since July last year, according to
calculations by Reuters and U.S. Commodity Futures Trading
Commission data released on Friday, as sentiment improved after
the Federal Reserve forecast two more interest rate hikes this
year.
    The value of the net long dollar position was $8.64 billion
in the week ended June 19, shifting from a net short of $7.42
billion the previous week. This week's net long dollar position
was the largest since May 16 last year.
    U.S. dollar positioning was derived from net contracts of
International Monetary Market speculators in the yen, euro,
British pound, Swiss franc and Canadian and Australian dollars.
    In a wider measure of dollar positioning that
includes net contracts on the New Zealand dollar, Mexican peso,
Brazilian real and Russian ruble, the U.S. dollar posted a net
long position equivalent to $10.38 billion, up from a net short
position of $7.10 billion previous week.
    That was the largest net long positioning since mid-May,
Reuters data showed.
    "This is capitulation of the dollar shorts that were in
position at the beginning of the year," said Karl Schamotta,
director of global product and market strategy, at Cambridge
Global Payments in Toronto.
    "Monetary tightening is continuing at pace in the United
States while there has been a moderation in terms of
expectations around the ECB (European Central Bank) and other
major central banks," he added.
    Last week, the Federal Reserve further accelerated a dollar
rally when it raised interest rates as expected, and signaled
two more hikes this year, citing higher inflation.
    But before that Fed decision, the dollar was already on an
upward trajectory amid a round of robust U.S. economic data.    
Since mid-April, the dollar has rallied by more than 7 percent.
    In the cryptocurrency market, speculators' net short
position on bitcoin Cboe futures fell to 1,595 contracts
 from net shorts of 1,945 the previous week, the
data showed.
    Bitcoin and the cryptocurrency market, however, remained
mired in a bearish trend amid intense regulatory scrutiny.
    The virtual currency on Friday fell as low as $6,085.59
 on Bitstamp, the lowest since early February and not
far from this year's trough of just below $6,000. It was last
down nearly 9 percent at $6,119.08.
    So far in 2018, bitcoin has fallen nearly 56 percent, after
soaring more than 1,300 percent last year.
    
    Japanese Yen (Contracts of 12,500,000 yen) 
 $4.04 billion
         19 Jun 2018            Prior week
         week             
 Long             46,565            60,609
 Short            82,127            55,557
 Net             -35,562             5,052
 
EURO (Contracts of 125,000 euros)
 $-5.232 billion
         19 Jun 2018            Prior week
         week             
 Long            190,684           236,617
 Short           154,566           148,392
 Net              36,118            88,225
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $1.582 billion
         19 Jun 2018           Prior week
         week             
 Long             46,892           69,254
 Short            66,098           58,285
 Net             -19,206           10,969
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $4.019 billion
         19 Jun 2018           Prior week
         week             
 Long             18,837           13,020
 Short            50,794           50,265
 Net             -31,957          -37,245
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $1.055 billion
         19 Jun 2018           Prior week
         week             
 Long             45,738           30,168
 Short            59,752           45,156
 Net             -14,014          -14,988
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $3.181 billion 
         19 Jun 2018           Prior week
         week             
 Long             32,212           45,318
 Short            75,311           60,553
 Net             -43,099          -15,235
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $0.274 billion
         19 Jun 2018           Prior week
         week             
 Long             60,316           64,923
 Short            71,581           86,623
 Net             -11,265          -21,700
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $1.1 billion 
         19 Jun 2018           Prior week
         week             
 Long             14,656           34,836
 Short            30,596           27,830
 Net             -15,940            7,006
 
 (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by
Saqib Iqbal Ahmed; Editing by Chizu Nomiyama and Grant McCool)
  
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