U.S. dollar net longs tumble to lowest since July 2017: CFTC, Reuters data
Reuters
Published Mar 13, 2020 04:26PM ET
U.S. dollar net longs tumble to lowest since July 2017: CFTC, Reuters data
NEW YORK (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.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.