August 10, 2018 / 8:43 PM / 4 months ago

REFILE-UPDATE 1-U.S. net long dollar bets rise to highest since mid-Jan. 2017 -CFTC, Reuters

 (Inserts dropped word "long" in headline.)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, Aug 10 (Reuters) - Speculators boosted their net
long U.S. dollar position this week to the largest since
mid-January last year, according to calculations by Reuters and
Commodity Futures Trading Commission data released on Friday.
    The value of the net long dollar position was $22.02 
billion in the week ended Aug. 7, up from $20.06 billion the
previous week. Speculators were net long dollars for an eighth
straight week, after being net short for 48 weeks.
    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 broader 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 of $22.929 billion in the week  ended Aug. 7,
up from net longs of $21.222 billion a week earlier.
    In the wake of global trade and geopolitical tensions, the
dollar was the outperformer compared with other major and
emerging market currencies, with the United States seen as
better-placed to handle a trade war event.
    Since hitting a more than three-year low against a basket of
six major currencies in February, the dollar has gained
9.3 percent. On Friday, the dollar hit a 13-month high in a
safe-haven bid amid tension in Turkey.
    Turkey's lira plummeted as much as 18 percent against the
dollar on Friday as worries about President Tayyip Erdogan's
influence over monetary policy and worsening U.S. relations
snowballed into a market panic. The past week saw the lira shed
more than 20 percent of its value.
    "President Trump appears to be reveling in the dollar’s
ability to bring the likes of China, Russia and Turkey to bear
by contributing to varying degrees of currency crises," said
Chris Turner, global head of strategy at ING in London, in a
research note.
    "Two percent yields on 3-month U.S. Treasury Bills make the
dollar the go-to safe haven right now."
    In the cryptocurrency market, meanwhile, speculators' net
short position on bitcoin Cboe futures were at $1,611 contracts
 from net shorts of 1,603 the previous week, data
showed.
    Bitcoin on Friday fell 2.3 percent to $6,390.50
on the Bitstamp platform.
    Cryptocurrencies have been stagnant the last few weeks after
an earlier sell-off that took bitcoin below $6,000 in June.
    Strategists at Fundstrat in New York believe the crypto
market is still in "purgatory" until mid-August to
mid-September.

Japanese Yen (Contracts of 12,500,000 yen) 
 $7.049 billion
         Aug. 7, 2018           Prior week
         week             
 Long             46,136            48,016
 Short           108,943           116,473
 Net             -62,807           -68,457
 
EURO (Contracts of 125,000 euros)
 $-1.532 billion
         Aug. 7, 2018           Prior week
         week             
 Long            177,923           174,549
 Short           167,358           151,724
 Net              10,565            22,825
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $4.759 billion
         Aug. 7, 2018          Prior week
         week             
 Long             43,930           35,001
 Short           102,782           82,387
 Net             -58,852          -47,386
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $5.791 billion
         Aug. 7, 2018          Prior week
         week             
 Long              5,728            6,190
 Short            51,836           50,612
 Net             -46,108          -44,422
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $1.908 billion
         Aug. 7, 2018          Prior week
         week             
 Long             33,269           23,679
 Short            58,167           55,248
 Net             -24,898          -31,569
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $4.047 billion 
         Aug. 7, 2018          Prior week
         week             
 Long             21,364           21,642
 Short            75,904           73,118
 Net             -54,540          -51,476
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-0.901 billion
         Aug. 7, 2018          Prior week
         week             
 Long            108,066           97,475
 Short            74,806           70,960
 Net              33,260           26,515
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $1.651 billion 
         Aug. 7, 2018          Prior week
         week             
 Long             14,051           14,454
 Short            38,578           38,134
 Net             -24,527          -23,680
 
 (Reporting by Gertrude Chavez-Dreyfuss; editing by Jonathan
Oatis and Diane Craft)
  
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