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U.S. dollar net longs rise in latest week on rates view-CFTC, Reuters data
(New (KOSDAQ: 160550.KQ - news) throughout, adds comment, details, table, byline)
By Gertrude Chavez-Dreyfuss
NEW YORK, Nov 28 (Reuters) - Speculators increased positive
bets on the U.S. dollar in the latest week, as investors resumed
buying the greenback on continued expectations of U.S. interest
rate hikes from the Federal Reserve.
The value of the dollar's net long position rose to $22.25
billion in the week ended Nov. 22, from $20.87 billion the
previous week, according to Reuters calculations and data from
the Commodity Futures Trading Commission released on Monday.
The dollar has been rising on expectations that U.S.
President-elect Donald Trump will boost infrastructure and
government spending, elevating inflation and compelling the Fed
to raise interest rates.
Since Trump's victory early this month, the dollar index has
bounced nearly 6 percent.
"The big question is less about whether the Fed will raise
interest rates in December, and much more about what the pace of
rate hikes may likely be after December, especially with
Trump-driven inflation expected to rise," said James Chen, head
of research at Forex.com in Bedminster, New Jersey.
"Therefore, while pullbacks are to be expected within the
dollar's continued climb, the greenback remains well-supported
by anticipation of increasing interest rates."
Japanese yen net longs fell for a third straight week to
10,900 contracts, the lowest since early January.
The yen has been one of the main casualties of the dollar's
recent surge, with the Japanese currency dropping nearly 10
percent since Trump's win.
Chen said investors' persistent appetite for risk after this
month's surprise U.S. election outcome has weighed on the
safe-haven yen.
"Rising stock markets have severely diminished the appeal of
safe-havens like the yen and gold, which have both seen
precipitous drops in value within the past few weeks," he added.
Sterling net shorts fell for a second straight week to
74,318 contracts, the smallest since September.
The British pound pulled back a little bit on Monday, but
was on track for its biggest monthly gain against the dollar
since March.
The U.K. economy has proven to be resilient following the
country's decision to exit the European Union in June. It grew
0.5 percent in the third quarter, helped by a rebound in exports
and robust household spending.
The Reuters calculation for the aggregate U.S. dollar
position is derived from net positions of International Monetary
Market speculators in the yen, euro, sterling, Swiss franc and
Canadian and Australian dollars.
Japanese Yen (Contracts of 12,500,000 yen)
$-1.226 billion
25 Nov 2016 Prior week
week
Long 71,183 67,085
Short 60,283 46,409
Net (LSE: 0LN0.L - news) 10,900 20,676
EURO (Contracts of 125,000 euros)
$15.849 billion
25 Nov 2016 Prior week
week
Long 127,122 121,575
Short 246,470 240,757
Net -119,348 -119,182
POUND STERLING (Contracts of 62,500 pounds sterling)
$5.77 billion
25 Nov 2016 Prior week
week
Long 54,209 54,241
Short 128,527 134,554
Net -74,318 -80,313
SWISS FRANC (Contracts of 125,000 Swiss francs)
$2.832 billion
25 Nov 2016 Prior week
week
Long 9,515 7,005
Short 32,415 29,199
Net -22,900 -22,194
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
$1.299 billion
25 Nov 2016 Prior week
week
Long 28,260 34,293
Short 45,722 52,892
Net -17,462 -18,599
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
$-2.272 billion
25 Nov 2016 Prior week
week
Long 63,488 77,814
Short 32,783 36,296
Net 30,705 41,518
MEXICAN PESO (Contracts of 500,000 pesos)
$1.174 billion
25 Nov 2016 Prior week
week
Long 19,884 22,124
Short 68,198 67,277
Net -48,314 -45,153
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
$0.038 billion
25 Nov 2016 Prior week
week
Long 31,779 33,547
Short 32,312 31,504
Net -533 2,043
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu
Nomiyama and David Gregorio)
