US CFTC: Specs Add To Euro Longs, Trim Yen Shorts, Stg Shorts

--Net Euro Longs At Six-plus Yr High

By Vicki Schmelzer

     NEW YORK (MNI) - Speculative accounts increased their net euro long

positions but trimmed their net net yen shorts and net sterling shorts,

according to data released Friday by the Commodity Futures Trading Commission.

     The CFTC's Commitments of Traders report, non-commercial, futures-only

section, excluding options, showed speculators had a net euro long position of

+93,685 contracts as per August 8, versus +82,637 contracts the prior week.

     This week's net euro long was the largest net euro long in over six years.

On May 3, 2011, speculators had a net euro long of +99,516 contracts. 

     Betting on U.S. dollar outperformance in 2017, speculators had, up until

May 9, maintained a net euro short position all year.

     The record net short in the euro was -226,560 contracts, seen March 31,

2015, and the record net euro long was +119,538 contracts, seen May 15, 2007.

     Speculative accounts had a net yen short of -95,813 contracts as per August

8, versus -112,196 contracts in the prior week.

     This compared to the net short of -126,919 contracts, seen July 18, which

was the largest net yen short since Jan. 7, 2014, when speculators had a net yen

short of -128,868 contracts. 

     The record net yen long position was +71,870 contracts, seen April 19, 2016

and the record net yen short position was -188,077 contracts, seen June 26,

2007.

     The euro closed near $1.1752 and dollar-yen near Y110.32 on August 8 versus

levels late Friday around $1.1824 and Y109.06.

     The CFTC data showed that speculative accounts had a net sterling short of

-25,160 contracts as per August 8, versus -29,452 contracts last week. This

compared to the net short of -107,844 contracts seen March 21, which was a new

record.

     Sterling closed at $1.2992 on August 8 and held near $1.3019 late Friday. 

     Cable hit a high of $1.3267 August 3, the highest level since Sept. 15,

2016, when the pair peaked at $1.3279 and has since been on the defensive. 

--MNI New York Bureau; tel: +1 212-669-6438; email: vicki.schmelzer@marketnews.com

[TOPICS: M$U$$$,M$$FX$,MN$FX$]