November 22, 2019 / 9:09 PM / 23 days ago

UPDATE 1-Speculators boost net long USD bets to 5-week high -CFTC, Reuters

 (Adds table, details, comment)
    By Saqib Iqbal Ahmed
    NEW YORK, Nov 22 (Reuters) - Speculators raised their net
long bets on the U.S. dollar in the latest week to a five-week
high, 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 $18.36 billion
in the week ended Nov. 19. The net long dollar position had
stood at $15.70 billion last week.
    To be long a currency means traders believe it will rise in
value, while being short points to a bearish bias. 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 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 valued at $17.01 billion, up from $14.32 billion a
week earlier.
    The dollar has remained strong against major currencies in
recent weeks even as its gains have been capped. 
    On Friday, the greenback shook off early weakness to advance
against a basket of currencies after data showed U.S. factory
and services activity quickened in November in a sign of the
continued resilience of the U.S. economy.
    The dollar index, which compares the dollar against
six major currencies, was up 0.26% at 98.25, a one-week high.
    While the overall global growth picture has improved
somewhat over the last few months and there is some optimism
about the likelihood of a trade deal between the United States
and China, neither of these factors have been enough to spur
investors to shun the greenback in favor of riskier currencies.
    "The dollar is strong but not necessarily rallying," said
Vassili Serebriakov, an FX strategist at UBS in New York.
    "I think the market's bias would be to sell the dollar but
we need more confirmation in terms of global data and trade
developments and that hasn't arrived," Serebriakov said.
    Mixed messages on the U.S.-China trade deal this week kept
investors from taking on any large directional positions ahead
of next week's Thanksgiving holiday.
    
    Japanese Yen (Contracts of 12,500,000 yen) 
 $4.035 billion
         19 Nov 2019            Prior week
         week             
 Long             45,423            43,964
 Short            80,454            78,961
 Net             -35,031           -34,997
 
EURO (Contracts of 125,000 euros)
 $8.655 billion
         19 Nov 2019            Prior week
         week             
 Long            163,898           170,250
 Short           226,401           227,919
 Net             -62,503           -57,669
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $2.577 billion
         19 Nov 2019           Prior week
         week             
 Long             39,205           40,348
 Short            71,108           68,481
 Net             -31,903          -28,133
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $2.044 billion
         19 Nov 2019           Prior week
         week             
 Long             11,573           12,824
 Short            27,765           27,944
 Net             -16,192          -15,120
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $-2.176 billion
         19 Nov 2019           Prior week
         week             
 Long             65,040           73,671
 Short            36,175           31,298
 Net              28,865           42,373
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $3.224 billion 
         19 Nov 2019           Prior week
         week             
 Long             43,871           41,261
 Short            91,111           82,070
 Net             -47,240          -40,809
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-3.616 billion
         19 Nov 2019           Prior week
         week             
 Long            213,938          219,312
 Short            74,117           77,275
 Net             139,821          142,037
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $2.257 billion 
         19 Nov 2019           Prior week
         week             
 Long             12,349           16,750
 Short            47,448           52,985
 Net             -35,099          -36,235
      

 (Reporting by Saqib Iqbal Ahmed; editing by Grant McCool and
Rosalba O'Brien)
  
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