April 24, 2020 / 8:32 PM / a month ago

UPDATE 1-Speculators' bearish bets on U.S. dollar at a near 2-year high -CFTC, Reuters data

 (Adds details, strategist's comment, table)
    By Saqib Iqbal Ahmed
    NEW YORK, April 24 (Reuters) - Speculators' net bearish bets
on the U.S. dollar grew to the largest position in nearly two
years in the latest week, according to calculations by Reuters
and U.S. Commodity Futures Trading Commission data released on
Friday.
    The value of the net short dollar position was $11.51
billion for the week ended April 21, compared with a net short
position of $11.39 billion for the week before that.
    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.
    To be long on a currency means traders believe it will rise
in value, while being short points to a bearish bias.
    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
short position valued at $10.65 billion, compared with a net
short position of $10.52 billion, a week earlier.
    Investors' renewed appetite for risky assets in recent weeks
has pressured the dollar, which usually gets a boost from
safe-haven demand.
    The U.S. Dollar Currency Index, which measures the
greenback’s strength against six other major currencies, has
slipped 2.5% since touching a more than three-year high in late
March.
    "The improved supply of dollar in tandem with the Fed’s
aggressive policy actions on interest rates and on QE have
sparked a discussion about whether the USD is now primed for a
correction," Jane Foley, senior FX strategist at Rabobank, said
in an note.
    "While the easing of panic in the market has taken the USD
index off its recent highs, in our view the USD cannot be
expected to weaken decidedly until investors feel confident
enough to move back into emerging markets. This could be some
way off," she said.
    On Friday, the greenback eased against the euro, snapping a
four-day winning streak as investors covered some bearish bets
against the common currency, but broader concerns about the
euro's outlook kept dollar bears in check.
    Speculators' net long position on the euro was at 87,218
contracts, the largest position in about 22 months, the data
showed.
    
    Japanese Yen (Contracts of 12,500,000 yen) 
 $-2.64 billion
         21 Apr 2020            Prior week
         week             
 Long             53,730            49,863
 Short            27,704            27,220
 Net              26,026            22,643
 
EURO (Contracts of 125,000 euros)
 $-11.887 billion
         21 Apr 2020            Prior week
         week             
 Long            170,378           165,078
 Short            83,160            78,461
 Net              87,218            86,617
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $-0.255 billion
         21 Apr 2020           Prior week
         week             
 Long             29,527           30,287
 Short            30,907           27,055
 Net              -1,380            3,232
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $-0.606 billion
         21 Apr 2020           Prior week
         week             
 Long             12,731           11,608
 Short             7,807            6,951
 Net               4,924            4,657
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $1.712 billion
         21 Apr 2020           Prior week
         week             
 Long             19,804           18,038
 Short            43,695           41,798
 Net             -23,891          -23,760
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $2.29 billion 
         21 Apr 2020           Prior week
         week             
 Long             21,452           22,037
 Short            56,272           57,591
 Net             -34,820          -35,554
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-0.071 billion
         21 Apr 2020           Prior week
         week             
 Long             25,851           29,926
 Short            24,611           26,593
 Net               1,240            3,333
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $0.89 billion 
         21 Apr 2020           Prior week
         week             
 Long              8,282            8,958
 Short            22,541           23,536
 Net             -14,259          -14,578
      


    

 (Reporting by Saqib Iqbal Ahmed
Editing by Chizu Nomiyama and Marguerita Choy)
  
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