March 13, 2020 / 8:23 PM / 24 days ago

UPDATE 1-U.S. dollar net longs tumble to lowest since July 2017 -CFTC, Reuters data

 (Adds table, details)
    NEW YORK, March 13 (Reuters) - Speculators' net long U.S.
dollar positioning in the latest week fell to its lowest level
since July 2017, according to calculations by Reuters and U.S.
Commodity Futures Trading Commission data released on Friday.
    The value of the net long dollar position was $2.22 billion
in the week ended March 10, down sharply from $17.28 billion the
previous week.
    U.S. dollar positioning was derived from net contracts of
International Monetary Market speculators in the Japanese yen,
euro, British pound, Swiss franc and Canadian and Australian
dollars.
    In a wider measure of dollar positioning 0#NETUSDFX= 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 $471 million, way down from net longs of
$14.876 billion the week before. 
    The dollar was pummeled by losses against the safe-haven yen
and Swiss franc, although it recovered on Friday against both
currencies amid a slew of monetary policy actions to stem the
economic fallout from the coronavirus.
    This week net short positions on the yen and Swiss franc
turned net longs, contributing to the decline in bullish bets on
the greenback.
    The Federal Reserve is expected to cut interest rates next
week by another 75 basis points, which should put further
pressure on the dollar.
    
  Japanese Yen (Contracts of 12,500,000 yen) 
 $-0.965 billion
         10 Mar 2020            Prior week
         week             
 Long             61,732            50,598
 Short            53,575            92,922
 Net               8,157           -42,324
 
EURO (Contracts of 125,000 euros)
 $1.786 billion
         10 Mar 2020            Prior week
         week             
 Long            153,820           151,904
 Short           166,487           238,607
 Net             -12,667           -86,703
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $-2.124 billion
         10 Mar 2020           Prior week
         week             
 Long             56,077           76,063
 Short            29,749           40,901
 Net              26,328           35,162
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $-0.079 billion
         10 Mar 2020           Prior week
         week             
 Long             13,460           14,727
 Short            12,865           17,969
 Net                 595           -3,242
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $0.145 billion
         10 Mar 2020           Prior week
         week             
 Long             48,055           55,191
 Short            50,045           44,612
 Net              -1,990           10,579
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $3.514 billion 
         10 Mar 2020           Prior week
         week             
 Long             49,757           64,846
 Short           103,770          116,799
 Net             -54,013          -51,953
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-2.7 billion
         10 Mar 2020           Prior week
         week             
 Long            129,376          147,358
 Short            16,829           16,177
 Net             112,547          131,181
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $0.964 billion 
         10 Mar 2020           Prior week
         week             
 Long             20,681           20,530
 Short            36,057           37,487
 Net             -15,376          -16,957
 
 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Jonathan
Oatis and Daniel Wallis)
  
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